CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
    • Spanish
    • Turkish
    • German
    • Bulgarian
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • CryptoPotato Spanish
  • CryptoPotato Turkey
  • CryptoPotato Germany
  • CryptoPotato Bulgaria
  • Market Updates
  • BTC Analysis
  • ETH Analysis
  • XRP Analysis
  • Interviews
CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
    • Spanish
    • Turkish
    • German
    • Bulgarian
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • CryptoPotato Spanish
  • CryptoPotato Turkey
  • CryptoPotato Germany
  • CryptoPotato Bulgaria
Home » Crypto News » Silicon Valley Bank Drags Down NFT Trading Volume by 51%: Report

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

Author: Chayanika Deka

Last Updated Mar 18, 2023 @ 11:26

Blue-chip NFTs remained unaffected for the most part.

Getting your audio player ready...

Silicon Valley Bank (SVB) 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 (NFT) space.

According to the latest edition of the DappRadar report, the NFT traders went “numb” in response to the banking turmoil in the United States.

NFT Space Amidst Banking Chaos

The NFT industry followed a steady upward trajectory for most of 2023. In fact, the sales recorded highs as the broader market recovered while mainstream adoption of NFTs also saw a spike. However, the collapse of SVB and the de-pegging of one of the largest stablecoins – USDC – was felt in the NFT market.

Since the beginning of March, the NFT trading volume dropped by 51%. The sales count also took a hit, falling by nearly 16%. DappRadar said NFT 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.

Despite the low NFT trader activity, the data aggregation platform stated that the volume was not affected in the same ratio. This could be attributed to the NFT marketplace Blur which bested the once-largest NFT marketplace OpenSea in terms of monthly volume for the third month in a row.

Blue-Chip NFTs Unaffected

The top-tier NFTs remained resilient throughout the event. The floor prices of blue-chip NFTs, including Bored Ape Yacht Club (BAYC) and CryptoPunks, were hardly affected. After a minor dip below $100,000 on March 11th, the figures recovered quickly.

While other blue-chip collections, such as Azuki and Art Blocks, were also not harmed. On the other hand, Moonbirds and the Proof ecosystem were hit hard due to their exposure to the Silicon Valley Bank. Proof had earlier said that the potential loss arising wouldn’t affect the security of the customer’s assets or the project’s roadmap.

But Moonbirds lost 18% of its value since the news unfolded. The floor price has since recovered, climbing to $6,207 (nearly 4 ETH).

Meanwhile, Yuga Labs revealed the “super limited exposure” to the collapsed bank, meaning that the project’s finances will not be significantly impacted by the fallout.

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Tags: Banks Bored Ape Yacht Club (BAYC) Non-Fungible Token (NFT)
Enjoy reading? Share with your friends
Facebook Twitter LinkedIn Telegram

About The Author

Chayanika Deka
More posts by this author

Chayanika has been working as a financial journalist for six years. A graduate in Political Science and Journalism, her interest lies in regulatory implications with a focus on technological evolution in the crypto realm. Contact:Linkedin

Join Our Community

FacebookX YouTubeTelegram


Editorials
How to Trade on Hyperliquid: The Ultimate Guide (Step-by-Step Walkthrough)

How to Trade on Hyperliquid: The Ultimate Guide (Step-by-Step Walkthrough)

11 Best Meme Coins to Watch in June 2025

11 Best Meme Coins to Watch in June 2025

7 Best Meme Coin Presales to Watch in June 2025

7 Best Meme Coin Presales to Watch in June 2025

Toobit Review 2025: Is Toobit a Safe Crypto Exchange?

Toobit Review 2025: Is Toobit a Safe Crypto Exchange?

Hyperliquid Bridge: How to Bridge USDC to Hyperliquid

Hyperliquid Bridge: How to Bridge USDC to Hyperliquid

11 Best Crypto Presales to Consider in June 2025

11 Best Crypto Presales to Consider in June 2025

Need for Speed – Only Ultra-Fast Blockchains Will Win the Adoption Race (Opinion)

Need for Speed – Only Ultra-Fast Blockchains Will Win the Adoption Race (Opinion)

Join Our Newsletter
Become a CryptoPotato VIP
One Weekly Email Can Change Your Crypto Life.
Sign-up FREE to receive our extended weekly market update and coin analysis report
We NEVER send spam. You can unsubscribe at any time.
Invalid email address
Thanks for subscribing!
Footer Logo
About
Advertise on CryptoPotato
About Us | Contact Us | Careers
Editorial Policy
Terms of service | Privacy Policy | GDPR
More Sections
IEO List | Evaluations
Airdrops
Scholarship
Disclaimer
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
© Copyright CryptoPotato 2016 - 2025
Scroll to top
One Daily Email Can Change Your Crypto Life.

Sign-up FREE to receive our extended daily market update and coin analysis report

We never send SPAM. You can unsubscribe at any moment
Invalid email address
Thanks for subscribing!