SVB’s Crash Has Negatively Affected NFTs’ Trading Volumes
Following the collapse of Silicon Valley Bank (SVB) last week, trading volumes of non-fungible tokens (NFTs) experienced a significant decrease.
DappRadar has reported that from March 9 to March 11, NFT trading volumes declined from around $68-74 million to $36 million, and the daily sales count dropped by 27.9%.
Moreover, the platform has noted that only 11,440 traders were “active” on March 11, the lowest figure since November 2021.
A possible explanation for this decrease in activity could be attributed to the depeg of USD Coin, which fell as low as $0.88, shifting attention away from the NFT market.