While Bitcoin, ether sank, the NFT trade chased record heights

While Bitcoin, ether sank, the NFT trade chased record heights

nfts missed the memo that the doldrums on the cryptoma markets should begin in 2022.

Stephen Young, founder of the NFT marketplace (non-fungable token) NFTFI, told Blockworks that people normally believe that "everything comes to standstill in crypto" when the markets break in.

But NFTS is now about "more than just finance," said Young, adding that the digital collectibles are no longer bound by fluctuations in the Ether Prize.

The trade volume for Blue Chip NFT collections has remained stable, including Bored Ape Yacht Club, Cryptopunks and Mutant Ape Yacht Club.

Noelle Acheson, Head of Market Insights at Genesis, told Blockworks that NFTs now "go to a different assetics" than other cryptos.

"NFT investors are looking for more than just one course increase," said Acheson. "The lack of tangible evaluation parameters at NFTS makes the investment more emotional, and this is not accompanied by the risk mood."

This is partly the reason why the non-funny market remained stable when Bitcoin reached a three-month low on January 24th and was traded at $ 33.708 according to the crypto dashboard messari . Ethereum followed this example and reached his cycle low on the same day at $ 2,179.

Both cryptocurrencies fell by more than 30 % of their all -time highs in November.

The NFT marketplace OpenSea achieved a record-high trading volume in one day dune analysis last month. The stock exchange put 546,000 active users in the shade last month, which corresponds to another historical maximum.

The aspiring space is intended for a market correction within the next year, said Young and added that the "Money Grab projects will die", but the wider market is not.

"[NFT] The prices are a bit crazy, so we are a kind of bladder and foaming phase of the market," he said. "[NFTS] are simply decoupled from the bladder on the cryptoma market.

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The contribution While Bitcoin, Ether Sank, NFT Trading Chased Record Highs is not a financial advice.