Following the FTX catastrophe, which saw more than $150 billion erased from the market in a matter of days, NFT markets are suffering greatly. One of the most popular crypto derivative protocols was FTX, but a string of unfortunate circumstances forced the site into bankruptcy.

The platform has been searching for investors to raise liquidity. Thought to be a lifeline, Binance withdrew owing to circumstances beyond its control. Due to this, FTX was compelled to sell part of its cryptocurrency assets, which had a domino effect on the market and caused the prices of tokens like SOL and ETH to fall.

The two top NFT chains are Ethereum and Solana, with both networks recording the highest volume. Data from Dune Analytics indicates that NFT trading on both protocols has experienced a significant decline. Over the previous several days, OpenSea’s trading volume on Solana has decreased by 80%, from $70,000 to $14,000.

Additionally, Magic Eden, the top NFT marketplace on Solana, has seen a volume decline of roughly 50% throughout the time.

From 6,000 ETH to 3,900 ETH, OpeaSea’s daily trading volume of Ethereum has virtually halved. The volume decreased from $7.1 million to $4.6 million in terms of dollars. According to additional data, buyers are purchasing collections on OpenSea at bid prices rather than sellers’ offer prices, which suggests users are attempting to sell their holdings as quickly as possible.
As a result, the wrapped ETH to ETH volume ratio on OpenSea is at an all-time high.

However there is plenty of optimism in the NFT crypto communities, agreeing that crashes like this less affect non fungible than fungible tokens.