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While Bitcoin, Ether fell, NFT trading chased record highs
According to Messari, Bitcoin hit a three-month low of $33,708 on January 24. According to Dune Analytics, OpenSea achieved a record high single-day trading volume of $261 million last month. NFTs missed the memo that the doldrums in crypto markets should begin in 2022. Stephen Young, founder of non-fungible token (NFT) marketplace NFTfi, told Blockworks that people typically believe that “everything in crypto comes to a halt” when markets collapse. But NFTs are now about “more than just finance,” Young said, adding that the digital collectibles are no longer tied to fluctuations in the price of Ether...
While Bitcoin, Ether fell, NFT trading chased record highs
- Laut Messari erreichte Bitcoin am 24. Januar ein Dreimonatstief von 33.708 $
- Laut Dune Analytics erzielte OpenSea im vergangenen Monat ein rekordhohes Handelsvolumen an einem Tag von 261 Millionen US-Dollar
NFTs missed the memo that the crypto markets doldrums were set to begin in 2022.
Stephen Young, founder of non-fungible token (NFT) marketplace NFTfi, told Blockworks that people typically believe that “everything in crypto comes to a halt” when markets collapse.
But NFTs are now about “more than just finance,” Young said, adding that the digital collectibles are no longer tied to fluctuations in the price of ether.
Trading volumes have remained stable for blue-chip NFT collections, including Bored Ape Yacht Club, CryptoPunks and Mutant Ape Yacht Club.
Noelle Acheson, Head of Market Insights at Genesis, told Blockworks that NFTs are now “moving to a different investment thesis” than other cryptos.
“NFT investors are looking for more than just price appreciation,” Acheson said. “The lack of tangible valuation parameters in NFTs makes investing more emotional, and that doesn’t go hand in hand with risk sentiment.”
That's partly why the non-fungible market remained stable as Bitcoin hit a three-month low on Jan. 24, trading at $33,708, according to Crypto Dashboard Messari. Ethereum followed suit, hitting its cycle low of $2,179 on the same day.
Both cryptocurrencies fell more than 30% from their all-time highs in November.
NFT marketplace OpenSea hit a record high single-day trading volume of $261 million last month, according to data from Ether Dune analysis. The exchange eclipsed 546,000 active users last month, another all-time high.
The emerging space is destined for a market correction within the next year, Young said, adding that the "money grab projects will die" but the broader market will not.
“[NFT] prices are a little crazy, so we're in [a] bit of a bubble and frothy phase of the market,” he said. "[NFTs] are simply disconnected from the crypto market bubble. The [number of NFTs] will just continue to increase. At some point, there won't be enough new people buying to keep up with this supply."
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The post While Bitcoin, Ether Sank, NFT Trading Chased Record Highs is not financial advice.