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9 May 2022

NFT Markets Plummet after Weekly Trade Plunge by 30%

The Index Today

The overall non-fungible token (NFT) market has been hard-hit for the past 24 hours with Yuga Labs NFT collections plunging by 31% to $113 million, reported Coin Telegraph.

As per data obtained from NFTGo, Otherdeed has plunged by a little over 50%, with Mutant Ape Yacht Club (MAYC) and Bored Ape Yacht Club (BAYC) also sliding by 46% and 25% respectively. Despite this, prices have not exhibited a similar trend as the net NFT market cap has only dipped slightly to $19.5 billion during the same time frame.

According to data from CryptoSlam, sales volumes of Tezos and Polygon alone have edged higher by 58.8% and 16.5% respectively. On the whole, sales volumes have slumped by 22.5% among Solana, Avalanche, Ethereum, Flow, BNB Chain, Panini, WAX, and Ronin.

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