SVB Crash Affects NFTs Too
The collapse of Silicon Valley Bank had wide repercussions in the cryptocurrency world. However, the collapse of Silicon Valley Bank also affected the volume of NFT, one of the most popular products in the crypto world.
Last Saturday, DappRadar data showed the decline of NFT trading after Federal Deposit Insurance Corp. seized Silicon Valley Bank. According to DappRadar, only 12,000 active NFT investors were actively trading. This number had not been seen since November 2021. DappRadar says NFT trading volume has dropped 51 percent since the beginning of March, and sales have also dropped nearly 16 percent.
However, not all collections of NFTs were equally affected. Projects from NFT publisher Yuga Labs, including Bored Ape Yacht Club and CryptoPunks, saw a slight drop in floor prices Saturday. However, base prices quickly recovered. One Twitter user compared CryptoPunks to USDC and claimed that it is more stable than the stablecoin that lost its peg to the US dollar after the collapse of Silicon Valley Bank.
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