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The Ethereum NFT market cap has fallen by more than 59% in the last year
On February 9, DappRadar published a report showing that the Ethereum NFT market cap value fell by 59.60% from $9.3 billion in 2022 to around $3.7 billion in early 2023. DappRadar's study is based on market capitalization analysis of 81 of the largest NFT collections running on the Ethereum network. 2/ The market capitalization for 81 Ethereum collections analyzed by our machine learning algorithm recorded a 59.60% decline in USD value, from $9.3 billion at the beginning of 2022 to $3.7 billion at the end of the year. 📉 — DappRadar (@DappRadar) February 9, 2023 According to DappRadar, the collapse of Terra Luna was…
The Ethereum NFT market cap has fallen by more than 59% in the last year
On February 9, DappRadar published a report showing that the Ethereum NFT market cap value fell by 59.60% from $9.3 billion in 2022 to around $3.7 billion in early 2023.
DappRadar's study is based on market capitalization analysis of 81 of the largest NFT collections running on the Ethereum network.
2/ The market capitalization for 81 Ethereum collections analyzed by our machine learning algorithm recorded a 59.60% decline in USD value, from $9.3 billion at the beginning of 2022 to $3.7 billion at the end of the year. 📉
— DappRadar (@DappRadar) February 9, 2023
According to DappRadar, the collapse of Terra Luna in May 2022 was the primary cause of the market cap loss of 88% of NFT projects running on Ethereum through June 2022.
Therefore, the decline in market capitalization of NFT projects was not due to a lack of investor interest, but rather due to the manipulations of bad actors in the ecosystem. This is likely the root cause of the broader crypto industry collapse, as during the FTX collapse, the market cap of the entire NFT ecosystem collapsed after the global crypto market.
DappRadar
These were the highest-earning NFT collections on Ethereum since 2022
The report noted that some projects launched in 2021 and early 2022 had “significant market capitalization growth” of up to 260%. These projects included the Azuki, Pudgy Penguins and Degen Toonz collections, whose market capitalization increased by 113.89%, 260%, respectively. increased 204%.
Newer NFT projects launched after Terra Luna's collapse include: The Potatoz with a market cap growth of 134.68%, Renga with 211.63%, DigiDaigaku with 209.88% and God Hates NFT with 1,653.28%.
It is worth noting that all of these projects have seen dramatic growth even though ETH, the native currency of the Ethereum network, saw a 60% price drop last year due to the bear market.
The Bored Ape Yacht Club dominates the market
According to DappRadar, Yuga Labs, the parent company of the Bored Ape Yacht Club project, dominated the Ethereum network's NFT market and "established itself as a leading player in the NFT industry" despite the exponential decline of other projects.
Although Yuga Labs' collection accounts for 67% of the total value of the NFT market on Ethereum, Bored Ape Yacht Club's market cap saw a devaluation of 64.92%, from $2.6 billion to $934 million by the end of 2022.
However, that didn't stop Yuga Labs from purchasing two of the largest NFT collections on the market, CryptoPunks and Meebits, for a previously undisclosed sum. Both collections are already experiencing significant recovery after suffering declines of up to 60% in 2022.
But now that the crypto market is showing signs of recovery, the NFT ecosystem likely has a chance to breathe. And we could be seeing greener pastures ahead as trading activity around blue chip collections just recently started to rise and now there are even NFTs taking over the Bitcoin network.
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