How has the recent cryptocurrency market crash affected the NFT market?

• 2 min read
How has the recent cryptocurrency market crash affected the NFT market?

1/ Despite falling cryptocurrency prices, OpenSea has had $4B+ of trading volume in January. This is a new all-time high for the platform and the month isn't over yet.

2/ January has also been a new all-time high for OpenSea’s active user count. 500k wallets have bought and/or sold NFTs on the platform on Ethereum mainnet this month.

3/ The ETH denominated price action of the most popular PFP collections appears to be more dependent on narrative and community sentiment than the price of ETH.

Note: Average sale prices are based on the leading 1000 sales

4/ The falling value of ETH means that some projects have had prices increase in ETH but remain stable or fall in USD terms...

while other projects have pumped in both ETH and USD terms. Suffice to say, PFP collections don’t pump or dip as a group, price action is case by case.

5/ Less volume has traded this month on NFT art platforms such as SuperRare and Foundation. However, this might have more to do with the opportunity cost of other NFT categories like PFPs and collectibles than with the price of ETH.

𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: These charts provide a snapshot of what happened this month. They are not proof that the NFT market will behave in a similar manner in future crashes. There isn't enough data to predict how the NFT market would behave in an extended bear.


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