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What this rising correlation between crypto & NFT prices can mean for investors

What this rising correlation between crypto & NFT prices can mean for investors

As per data offered by crypto reporter Colin Wu, the transaction quantity of the Yuga Labs sequence has gone down, particularly within the final 24 hours. He additional talked about in his tweet that Otherdeed, MAYC, and BAYC have witnessed a drop of 44%, 41%, and 30% respectively.

As per statistics on OpenSea, the commerce quantity of not solely the aforementioned NFTs has dropped, however different NFT collections, resembling OkayBears, Azuki, BEANZ official, and Murakami Flowers have additionally witnessed a big dip.

What do the statistics need to say?

The OpenSea day by day quantity for Ethereum stood at roughly 52 million as of 8 Might as in comparison with the day by day quantity on 7 Might which stood increased at roughly 80 million. Moreover, the variety of NFTs bought, in what we will take into account the primary 10 days of the month, stood at roughly 456K.

Supply: Dune Analytics

Taking into account the OpenSea day by day NFT transactions for Solana as of 8 Might, the depend stood at 16,771 which was increased as in comparison with the variety of transactions on 7 Might which stood at 13,631. A spike within the variety of Solana-based NFTs can additional act as a sign towards a newfound curiosity in Solana-based NFTs.

Nonetheless, the OpenSea day by day quantity for Solana did witness a downfall on 8 Might. The day by day quantity fell to roughly 24K from a day by day quantity of roughly 28K on 7 Might.

Supply: Dune Analytics

Along with the information given above, as per info from NonFungible, the variety of gross sales (USD) in every week has dropped considerably. The variety of gross sales stands at 32K, which is down by 72.96%. Moreover, the sale in USD additionally fell to $35 million, which was 95.53% decrease than the gross sales quantity generated final week. As of 8 Might, the variety of gross sales and quantity generated from the gross sales stood at 32,066 and roughly $3.5 million.

Supply: NonFungible

Is the crypto market affecting NFTs?

As of seven Might, the whole cryptocurrency market cap stood at $1.7 trillion, given the dip the cryptocurrency market has been experiencing these days. Nonetheless, does the continued drop have an effect on the gross sales and buying and selling quantity of NFTs?

As per a research carried out by ScienceDirect in 2021, the sale and quantity of NFTs might not rely and be pushed by the continued actions within the cryptocurrency market. Nonetheless, the analysis means that there could also be some co-movement within the NFT and the cryptocurrency area. It states that there’s a excessive risk that the components driving or limiting the expansion of the market stands out as the similar.

Thus, the components driving the uncertainty within the crypto market are the identical components resulting in low motion within the NFT market area. Moreover, an uncertainty within the crypto area will probably be adopted by uncertainty within the NFT market as nicely.

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