• The day after the Federal Deposit Insurance Corp. took control of Silicon Valley Bank, there were only 12,000 active NFT traders, according to DappRadar.
• NFT trading volume has fallen 51%, with sales declining about 16%, since the beginning of March.
• Projects from NFT issuer Yuga Labs, including Bored Ape Yacht Club and CryptoPunks, saw their floor prices dip slightly on Saturday but quickly recovered.
Web3SVB Collapse Tanked NFT Trading Volumes
The day after the Federal Deposit Insurance Corp. took control of Silicon Valley Bank, there were only 12,000 active non-fungible token (NFT) traders, according to DappRadar – a number not seen since November 2021. Single NFT trades totaled 33,112 on that day–the lowest daily tally so far this year–with overall trading volume falling 51% and sales declining 16% since the beginning of March.
Yuga Labs Collections Remain Stable
Projects from NFT issuer Yuga Labs saw their floor prices dip slightly on Saturday but quickly recovered. One Twitter user compared CryptoPunks to USDC claiming it was more stable than the stablecoin which lost its peg to the U.S dollar after Silicon Valley Bank’s collapse.
Animoca Brands Back Nuqtah Platform
Animoca Brands co-founder and Executive Chairman Yat Siu reacted to this report and discussed his outlook for the NFT market and broader state of Web3 moving forward. Additionally Animoca Brands recently backed Nuqtah – Saudi Arabia’s first ever marketplace platform for digital collectibles – in an undisclosed seed investment round by Animoca Brands’ venture arm The Sandbox Fund
Reaction From CEO Of Yuga Labs
Yuga Labs also recently welcomed a new CEO in Daniel Alegre who gave his first public appearance since assuming the position last week; discussing his vision for Yuga Lab’s future as well as how he plans to foster innovation within blockchain technology while staying competitive within their industry..
Outlook On The Market
Yat Siu remains optimistic on the potential growth of Web3 despite current market conditions: “We have seen tremendous growth in gaming over recent years driven by convergence between mobile gaming existing players… As we look ahead into 2021 I believe we will see similar developments with blockchain gamers driving further adoption across multiple industries.”