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Just a week ago, the NFT sector was optimistic as token prices rose steadily against the backdrop of active project construction. But as Terra’s fall faded into distant memory, new tales of gross negligence emerged from the shadows.
So as the FTX empire shattered, fear, uncertainty and doubt rejoined the fray, creating chaos in the NFT realm.
As the initial shock of such a meteorite fall from grace continues to impact markets, the immediate rebound leaves a general aversion to risk. As such, we are seeing many investors step back from NFTs in an attempt to grasp the current chaos.
As a result, floor prices, sales volumes, market caps, and daily trading have all plummeted since the FTX demise, with even the most high-profile NFT projects in the space seeing the severe effects of this latest setback. You cannot get away with it.
Unfortunately for the Solana ecosystem, it shares close ties with FTX and its partner in crime, Alameda Research, which holds a sizeable 10% of the Solana token market cap within its portfolio.
As a result, $SOL experienced a cataclysm. 68% decrease in value, and has had a major impact on Solana-based NFTs. Blockchain game titles such as Star Atlas were hit even harder as funds were held within previous exchanges.
As a third and inevitable consequence of the latest catastrophe, many NFT projects have postponed their expected drops and now is considered the worst possible time to debut a collection to the world. Highly anticipated projects such as Pablo Stanley Human Kind continue to burn until the market calms down. We hope this is just a temporary setback, but there are definitely troubling times ahead.
Sure, the NFT market will bounce back from this latest setback, but it may not look like it did earlier in the year. I’ll wait and see if it shows up.
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*All investment/financial opinions expressed by NFT PLAZA are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.
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