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

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.

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