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SVB Collapse Causes 51% Decrease in NFT Trading Volume and Moonbirds Losses: DappRadar Report

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DappRadar reported the NFT trading volume has decreased by 51% from the beginning of the month, with sales count declining by 15.88%, citing the collapse of SVB and its impact on USDC.

According to the report, NFT traders have become less active due to the unstable nature of stablecoins. On Saturday, the number of traders was the lowest (12,000) since November 2021, resulting in the lowest single-day trade count in 2023 (33,112).

Source: https://dappradar.com/blog/the-evolution-of-the-dapp-industry-in-response-to-americas-banking-turmoil/#Chapter-3

Although NFT trader activity was low, the volume was not affected in the same proportion, likely due to Ethereum NFT whales continuing to farm Blur Season 2.

Source: https://dappradar.com/blog/the-evolution-of-the-dapp-industry-in-response-to-americas-banking-turmoil/#Chapter-3

The report also noted that SVB exposure had a severe impact on Moonbirds and the PROOF ecosystem.

According to DappRadar data, since the news broke, Moonbirds lost 18% of its value, but the floor price has slightly recovered and is now at $6,207 (4 ETH). In one transaction on March 11th, an Ethereum address sold nearly 500 Moonbirds NFTs, in batches, resulting in losses ranging from 9% to 33%. Out of the 200 Moonbirds sold, more than 32% resulted in a greater than 32% loss. These transactions were conducted on NFT marketplace Blur, resulting in a total loss of over 700 ETH.

Source: https://dappradar.com/blog/the-evolution-of-the-dapp-industry-in-response-to-americas-banking-turmoil/#Chapter-3
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