Summary
- It reported that the NFT market’s total market capitalization fell below $1.5 billion, dropping to the lowest level in five years.
- It reported that, as of February, the combined market capitalization of NFT collections fell below $1.5 billion, marking the lowest level since August 2021.
- It stated that the recent decline in market capitalization is seen as the result of a combination of price declines in major collections and a contraction in trading activity.
The total market capitalization of the non-fungible token (NFT) market fell below $1.5 billion, slipping to its lowest level in five years.
According to the Unfolded X (formerly Twitter) account on the 18th (local time), as of February the combined market cap of NFT collections dropped below $1.5 billion, marking the lowest level since August 2021.
The NFT market saw rapid growth in the second half of 2021, but has since shown a slowdown in trading volume and prices alongside a broader correction across the digital asset (cryptocurrency) market.
The recent decline in market cap is seen as the result of a combination of falling prices for major collections and weakened trading activity.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
![Wall Street cheered Nvidia–Meta tie-up, but ‘flinched’ at rate-hike talk [New York market briefing]](https://media.bloomingbit.io/PROD/news/32f5a9d3-5551-4f6e-bbd3-aa4cf4d0d897.webp?w=250)
