There were only 11,440 active non-fungible token (NFT) traders on 11 March, the day after the Federal Deposit Insurance Corporation (FDIC) took control of Silicon Valley Bank (SVB). It was the lowest count since 20 November 2021.

According to a report published on 16 March by the decentralized app data aggregation platform DappRadar, NFT trading volumes took a massive hit following the collapse of SVB last week as traders fled the markets fearing the ramifications of a major U.S. bank failure.

On 11 March, single NFT trades totaled 11,440, the lowest daily total so far this year. Since the beginning of March, NFT trading volume has dropped 51%, while sales have dropped 15.88%.

Before the collapse of SVB on 10 March, NFT trading volume was floating between $68 million and $74 million; it then fell to $36 million on 12 March. The drop was accompanied by a 27.9% fall in daily NFT sales during 9-11 March.

(By Suzuki Shillsalot)