The NFT market has seen a sharp decline over the past month, with the market value of these tokens falling by almost 46%. Data shows that the total market value fell from around $6.6 billion on October 5 to $3.5 billion on November 5. The fall has even affected large collections such as Castle Monkeys (BAYC) and CryptoPunks, with their floor prices halving by more than half.
Despite the increase in trading volume in October, liquidity and prices of these tokens have remained volatile. For example, CryptoPanX has seen a volume drop of around 40%, and Moonbirds has seen a volume drop of over 63% and a floor price halving. Even sets like BAYC and Paji Penguins have seen a sharp drop in floor price despite the growth in trading volume, demonstrating the extreme sensitivity of the NFT market to overall crypto sentiment.
In this context, major projects in the space, such as OpenSea and Animoca Brands, are expanding their activities beyond NFTs. OpenSea is on track to become a global hub for blockchain transactions, and Animoca plans to list its shares on Nasdaq.
