NFT sales in November rose for the first time in seven months to $568.19M, despite the sharp decline in the overall crypto market caused by the FTX collapse.
Over the past 30 days, NFT sales have been 22.37% higher than October’s sales. According to CryptoSlam NFT Global Sales Volume Index, November sales grew 13.2% in value terms compared to October, despite an 18.75% decline in individual transactions. Regardless of the November gains, the crypto community is worried about how the damage from the FTX collapse might spread and create uncertainty in the NFT market.
For instance, the trading firm affiliated with now-bankrupt crypto exchange FTX, Alameda Research, holds 57 NFTs of Bored Ape Yacht Club, including rare Apes. The wallet also stores several NFTs from the Otherside, threatening the BAYC collection and its parent company, Yuga Labs, of insolvency due to FTX bankruptcy proceedings. Besides, BAYC is a highly anticipated NFT collection and is on top in terms of floor price, so there is a threat to the entire NFT industry.
NFT relations strategist for CryptoSlam, Yehudah Petscher, said:
Everybody waiting to see what the trickle-down effect is from that, and those are still the reasons why people are not ready to dive right back into the deep end with NFTs, because we don’t feel like we’ve seen all there is that’s supposed to happen or that may happen yet.
Other factors could negatively affect the NFT market starting in December. Coinbase announced that customers could no longer trade NFTs via the Coinbase wallet iOS application due to Apple’s In-app Purchase Policy, which enables the tech giant to cut 30% from every purchase. NFT gas fees were included recently.
Related: Crypto Digest From TradeCrypto.com #182
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