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Ethereum NFT Collections Lost Nearly 60% of Their Market Cap in 2022

A survey of 81 nonfungible token (NFT) collections on the Ethereum blockchain showed a sharp overall loss in market capitalization in 2022.

The Ethereum NFT market was worth $9.3 billion at the beginning of 2022, according to DappRadar’s valuation, and that figure dropped to $3.7 billion by year end — a loss of 59.6%. The value of Ether (ETH) impacted all values:

“It is also important to consider that ETH lost 60% of its value last year, which had a strong influence on the value of the NFTs.”

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