Experts explained that the vast majority of NFTs are created on the Ethereum network. This leads to the growth or fall of the capitalization of the NFT sector.
Experts explained that the vast majority of NFTs are created on the Ethereum network, and their price and sales are denominated in ether. This leads to an increase or decrease in the capitalization of the NFT sector.
According to analysts, the CryptoPunks collection remained the leader in capitalization, but it also lost almost $300 million. The price of the collection fell by 12% - from $2.4 billion to $2.1 billion. The sales volume amounted to $12.7 million, which is 34% less over the past week. The total number of transactions decreased by 28% - to 51.
The Bored Ape Yacht Club (BAYC) collection dropped from second to third place in total capitalization. The value of the collection fell by almost 20% - from $602 million to $482.3 million.
The prospects for the non-fungible token sector remain uncertain and much will depend on how the situation with the price dynamics of ether develops, the experts concluded.
Earlier, Solana co-founder Anatoly Yakovenko called memecoins and non-fungible tokens “digital garbage” that have no intrinsic value.