The NFT Index, which tracks the performance of NFT tokens and is weighted based on each token’s distributing supply, fell about 23% in the past 24 hours. The BAYC NFTs saw a 25% drop in average price in the same period. What makes this more interesting is the fact that some of these tokens sold for millions of dollars in the past few months.
Also Read, Bitcoin, Ethereum, Celsius Crash
The price drops are a part of a broader crypto sell-off happening in part because of the stunner inflation readings that hit a 40-year high on Friday. Bitcoin fell as much as 15.5%, reaching an 18-month low and down more than 50% from its all-time record set back in November. Bitcoin was dealing at around $23,523 just after the stock market closed in New York.
The NFT market had been a shining spot relative to the rest of the assets in the crypto space during the market crisis. Investors have built substantial portfolios of NFTs in the past six months regardless of their low liquidity corresponding to fungible tokens such as Bitcoin and Ether.
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NFTHI does not recommend any kind of Investment in NFTs or NFT trading. All the strategies are merely educational references.
Conduct thorough research before you start with NFT trading.