Ethereum decline leads to sharp drop in NFT market cap

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Summary

It was reported that the price decline of Ethereum (ETH) led to a significant drop in NFT market capitalization.
It was stated that the NFT market capitalization plunged by 12.9%, from $9.3 billion to $8.1 billion.
It was assessed that because NFTs are mainly issued on the Ethereum network, the price of Ethereum impacts NFT values.

As Ethereum (ETH) declines, it has been found that the market capitalization of non-fungible tokens (NFTs) has also significantly decreased.

According to Cointelegraph on the 18th (local time), the market cap of the NFT market dropped by 12.9% from $9.3 billion on the 13th to $8.1 billion now. NFT trading volume has also decreased. The trading volume of the famous NFT collection CryptoPunks fell by 34% over the past week, and the number of transactions also declined by 28%.

The media outlet evaluated, "NFTs are mainly issued on the Ethereum network, and the price of Ethereum also affects NFT values."

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