Market NFT has begun to recover from a sharp decline that wiped around $1,2 billion from its market cap during the cryptocurrency market crash on Friday, October 10.
According to CoinGecko, the sector’s total value fell from $6,2 billion on Friday to $5 billion on Saturday. This led to a nearly 20% decline in the market capitalization of non-fungible tokens across all blockchains ($1,2 billion).
But NFTThe market quickly recovered from the cryptocurrency market crash. On Sunday, token trading volume reached $5,5 billion, up 10% from before the crash. At the time of writing, the total market capitalization NFT amounted to almost $5,4 billion.
Despite partial restoration, many leading collections NFT have fallen in price significantly in recent days.
Popular projects based on EthereumCollections like the Bored Ape Yacht Club (BAYC) and Pudgy Penguins have lost 10,2% and 21,4%, respectively, in a week. Collections like the Infinex Patrons and Fidenza by Tyler Hobbs have lost double-digit percentages in a month. Cryptopunks, the most popular collection NFT by market capitalization, it has fallen 8% in a week and almost 5% in 30 days.
While famous collections are getting cheaper, new ones are becoming more affordable. NFTOn the contrary, they’re rising in price. For example, the price of Hyperliquid’s Hypurr rose by 2,8% over the past 24 hours, while the Mutant Ape Yacht Club (MAYC) collection rose by 1,5%.