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SVB Collapse Tanked NFT Trading Volumes, DappRadar Report Suggests

Blockchain data platform Dappradar released a report on Wednesday exploring the aftermath of the Silicon Valley Bank (SVB) collapse and its impact on non-fungible token (NFT) trading activity and volume.

On March 10, California state regulators seized startup-focused Silicon Valley Bank due to liquidity concerns, handing it off to the Federal Deposit Insurance Corporation (FDIC). On March 13, the FDIC said it would help bank customers access their funds, as the regulatory agency attempts to auction off the insolvent bank. Many investors who held digital assets from companies that had exposure to the bank made moves to offload their assets.

According to Dappradar, there were only 12,000 active NFT traders on Saturday, March 11 – the day after the bank was shut down – a number not seen since November 2021. Saturday also saw the lowest number of single NFT trades in 2023 thus far, totaling 33,112.

SVB NFT DappRadar
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