Ethereum NFT collections lost nearly 60% of their market cap in 2022: Report
NFTs felt the influence of bad actors and market manipulators in 2022, like the rest of crypto; NFTs launched after the start of the crypto winter did better. A survey of 81 nonfungible token (NFT) collections on the Ethereum blockchain showed a sharp overall loss in market capitalization in 2022, according to a report from DappRadar released Feb. 9. Losses were not even distributed, however. The Ethereum NFT market was worth $9.3 billion at the beginning of 2022, according to DappRadar’s valuation, and that figure dropped to $3.7 billion by year end — a loss of 59.6%. The value of Ether (ETH) impacted all values: “It is also important to consider that ETH lost 60% of its value last year, which had a strong influence on the value of the NFTs.” The NFT market peaked in February 2022 at $19.1 billion, outperforming Bitcoin (BTC) and Ether until the Terra/Luna collapse in May. By the following month, NFTs had lost 88% of their value. The market hit its low for the year at $2.2 billion, ...