NFTs hit the brakes: Market cap tanks 46% in just 30 days
The global NFT market capitalization plummeted by 45% in 30 days, despite a slight increase in overall sales volume during October.Summary
The non-fungible token (NFT) market experienced a severe downturn, with its global market capitalization dropping nearly half, from $6.6 billion on October 5 to $3.5 billion on Wednesday, a 45% plunge over 30 days. This decline occurred even as the total sales count increased by 13% in October compared to September, reaching $631 million. While Bitcoin and Base NFTs showed resilience, chains like Polygon and BNB Chain saw massive declines of 86% and 82%, respectively, and Ethereum fell by 25.5%. Blue-chip collections like CryptoPunks and Moonbirds saw their floor prices more than halve, and even collections with increased trading volume, such as Bored Ape Yacht Club and Pudgy Penguins, experienced significant valuation drops, highlighting the market's speculative and sensitive liquidity. Amid this contraction, major players like OpenSea are expanding their focus to become universal onchain trading hubs, while Animoca Brands plans a Nasdaq listing, signaling traditional market acknowledgment of Web3 gaming.
(Source：Cointelegraph)