While the rest of the cryptocurrency market is reeling from the potential collapse of FTX, the NFTs ecosystem has not been forgotten.
Since the FTX debacle began on November 7, there has been a decrease in NFTs sales volume, market capitalisation, the daily count of NFTs traded, the number of traders in the market, and many other indicators.
An assessment of the performance of blue chip NFTs revealed a significant drop in Blue Chip Index in the last four days. According to NFTGo, Blue Chip Index is calculated by weighting the market cap (ETH/USD) of blue chip collections to reflect their performance.
The NFT collections that make up the Blue Chip NFTs category include but are not limited to Bored Ape Yacht Club, Cool Cats, CryptoPunks, Art Blocks, and CloneX.
Per data from NFTGo, measured in ETH, Blue Chip Index stood at 8,801, at the time of writing. However, since 7 November, this has dropped by 6%.
Source: NFTGo
There is more
In addition to a decline in Blue Chip NFT index, the last four days have been marked by a decline in the total market capitalization and sales volume in the NFTs’ general ecosystem.
According to data from NFTGo, since 7 November, the total market capitalization of the NFTs market has fallen by 8%. Furthermore, within the same period, total sales volume dropped by 32%.
Source: NFTGo
For context, the daily NFTs transactions count on leading platforms like OpenSea, NFTX, and LooksRare has dropped significantly in the last four days.
According to data from Dune Analytics, in the last four days, daily transactions count has dropped by 41% on OpenSea, 11% on NFTX, and 48% on LooksRare.
Source: Dune Analytics
The total NFTs transactions count within the period under review has also declined by 41%, data from Dune Analytics revealed.
Lastly, the number of traders that traded NFTs since 7 November across the various existing marketplaces fell as well.
At 24,559 traders at press time, this has declined by 29% in the last four days, data from Dune Analytics showed. As of 7 November, 34,804 traders bought and sold various NFT collections.
Source: Dune Analytics
