Number of traders hits lowest since 2021 amid US banking crisis: The week in NFTs

https://www.theblock.co/post/219835/number-of-traders-hits-lowest-since-2021-amid-us-banking-crisis-the-week-in-nfts?utm_source=rss&utm_medium=rss

With only about 12,000 ethereum NFT traders active this Saturday, the industry clocked its slowest day in terms of active traders since the fourth quarter of 2021, according to data from DappRadar. The number of traders was down from around 30,000 to 40,000, where it remained for most of February.

The volume of total NFT trades also reached its lowest day so far this year, DappRadar said.

The drop came on the heels of last week’s announcements that Silicon Valley Bank had collapsed while crypto-friendly bank Silvergate said it would "wind down" operations.

Other highlights:

  • Trading wasn’t down across the board, however. During the last week Polygon sales volumes spiked by more than 60%, according to CryptoSlam!. Mid-month Polygon trading is on pace to equal February’s strong showing of more than $30 million in trading volume. It has been eight months since Polygon’s scored a higher month of trading in dollar terms.
  • The largest NFT sale of the week was a set of nine Qing Dynasty plates, which sold for 366,000, according to CryptoSlam!.
  • Blue chip collections nabbed the highest sales volumes with Yuga Labs’ Bored Ape, Sewer Pass and Mutant Ape NFT collections making up the top-three best-selling collections after racking up more than $20 million in combined trading volume.

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