Silicon Valley Bank Drags Down NFT Trading Volume by 51%: Report

Silicon Valley Bank was the backbone of many startups and venture capital funds around the world. Its collapse signifies the biggest banking failure since the 2008 financial crisis. While the crypto market has largely been spared from an adverse effect, the same cannot be said for the non-fungible token space.

Since the beginning of March, the NFT trading volume dropped by 51%. The sales count also took a hit, falling by nearly 16%. DappRadarNFT traders are becoming less active as market participants questioned the stability of the stablecoins. The number of such traders on March 11th was recorded to be 12,000, a level not seen since November 2021. This was accompanied by the lowest single-day trade count in 2023 – 33,112.

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