SVB Collapse Chilled NFT Trading Volumes - DappRadar

Recent figures from DappRadar show a drastic reduction in NFT trading volumes on the platform, as the collapse of Silicon Valley Bank (SVB) helped to chill the market's activity. Just 11,440 NFT traders were active on March 11, which was the lowest figure recorded since November 2021.

The massive decrease in activity is thought to have been caused by the sudden collapse of SVB, which had been a key facilitator of NFT trading activity on the platform, accounting for 56% of the platform's trading volume. With the closure of the popular service and other NFT services, such as Rarible and OpenSea, the entire NFT trading market has been affected.

It is unclear whether this drastic drop in activity is simply the result of a short-term slump or part of a wider trend in the NFT trading market.  However, despite the market's latest downturn, activity is starting to show signs of recovery, with the number of active traders on DappRadar reaching 13,218 on March 18.  It remains to be seen whether this is the start of an upward trend or simply the beginning of another slump.

View DappRadar's NFT trading volume graph for more information.