As much bearish as the crypto market, the NFT marketplace is seen taking a much bigger hit with plunging market capitalization in the last 24 hours.
NFTs are only a fraction of the overall cryptocurrency market cap but they are a huge part of the ecosystem. According to data from CoinMarketCap, the total market cap for all NFTs is around $1 billion, which is not even 1% of Bitcoin’s current price.
There have been many NFTs lately that have been crashing harder than the crypto market. And it is not just the top ones like CryptoKitties that are affected but also other NFTs with lesser popularity.
At the time of writing, there are over 500 NFTs listed on OpenSea, and it is one of the biggest platforms where you can trade all kinds of non-fungible tokens.
In this article, we will look at some of the top collections on OpenSea which have seen their prices crash by more than 90% in 24 hours:
CryptoKitties – $1.5 Million Worth of Cats Listed For Sale On OpenSea as Prices Crash 90% In 24 Hours!
The most popular game in the Ethereum blockchain ecosystem has finally started to see some price movement after months and months of sideways price action. The game has been down by more than 90 percent since its peak price in December 2018 when it was valued at $17 million dollars. The game’s current market cap is $2 million dollars making it one of the most valuable games on Ethereum.
As true as the bearish sentiments are in the crypto market, there are reasons not to lose hope in it yet. There’s still a lot going right with blockchain technology and NFTs. With the bear market shaping up to be one of the worst NFT exchanges are holding off their sales to perfect their products and bolster their businesses. We’re here for the long haul so don’t panic just yet!
Leave feedback about this