NFTs hit the brakes: Market cap tanks 46% in just 30 days
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CoinGecko data shows the NFT market value has nearly halved in a month, with even top collections like BAYC and CryptoPunks losing ground.
The non-fungible token (NFT) market has lost nearly half its value in the past 30 days, even as trading activity picked up in October.
CoinGecko data shows that the global NFT market capitalization plunged from about $6.6 billion on Oct. 5 to $3.5 billion on Wednesday, a 45% drop in just 30 days. The slump comes despite a sales count increase in October that briefly lifted blue-chip floor prices.
CryptoSlam data shows NFTs recorded a sales count of around $631 million in October, a 13% increase from September’s $556 million. Bitcoin and Base NFTs demonstrated resilience over the last 30 days, with increases of 9% and 24%, respectively.
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