FTX has filed for bankruptcy. This affected the level of NFT sales

FTX recently filed for bankruptcy. Such news had a negative impact not only on the token of this American exchange, but also on the dynamics of the NFT token market. The entire field of non-fungible tokens began to show negative dynamics after the bankruptcy.

On November 7, FTX exchange clients began to face the withdrawal of their funds from there, and it was after this moment that not only the cost of FTT, the FTX token, but also the dynamics of the NFT market began to decline. Since then, users have become less likely to sell and buy non-fungible crypto-assets. In addition, the owners of the most expensive NFTs have begun to list their items for sale, which indicates their desire to get rid of their assets and exchange them for cash.

The NFTGo analytical platform shows that the last 4 days have had a particularly negative impact on the NFT market, and their index shows far from the best performance. The index itself is calculated by analyzing the market capitalization of the ETH/USD pair and the largest NFT collections, which allows you to show an objective assessment of the state of the NFT market.

The largest collections, which are also called “blue chips”, are such hype projects as Bored Ape Yacht Club and CryptoPunks, as well as Cool Cats, Art Blocks and CloneX. They showed a drawdown of 6% in the last week. As for the exact figures, now the NFT market index for ETH/USD liquidity is 8801.

In addition to the drawdown of the index of the most popular NFT collections, there was also a general decrease in the market capitalization of cryptocurrencies in the field of non-fungible tokens and not only. Now the total turnover in the world of cryptocurrencies is $830,700,000,000.

This is $170,000,000,000 less than a couple of weeks ago. At the beginning of November, the total capitalization of the cryptocurrency market exceeded $1,000,000,000,000,000. Returning to the topic of NFT volume, the market capitalization of non-fungible tokens has decreased by 8% since November 7th. The total volume of sales at the same time decreased by a third.

Negative indicators also include sales on certain sites. Such markets as OpenSea, NFTX, LooksRare and others experienced a negative trend. Dune Analytics reports that in the past 4 days, the daily transaction rate on one of the main NFT token exchanges, OpenSea, has been reduced by 41%. LooksRare experienced an even greater outflow of funds and sales, which became almost 2 times less. NFTX got off with a relatively light fright, in which the level of transactions was reduced by 11%.