Crypto Analyst Highlights Recent Drop In Total NFT Market Capitalization

Crypto analyst Tom Wan recently published a brief summary of the non fungible token (NFT) market. His research took a closer look at the NFT market and the impact of popular NFT collections like Elementals and Captainz on the total NFT market capitalization.

Tom Wan took to Twitter earlier today to share his take on the current state of the NFT market:

Wan reported that the total NFT market capitalization had decreased by 27% in Ether and 26.4% in US Dollar. Data gathered from NFT analytics firm NFTGo showed that the market cap in Ether had gone from 4.59 million ETH to 3.32 million ETH. Meanwhile, the market cap in USD went from $8.5 billion to $6.3 billion.

Interestingly, during the same period, the price of Ether increased by more than 7%. Citing data from digital asset firm 21Shares, Tom Wan reported that the Elementals NFT collection mint had led to a 47.3% increase in the Weekly NFT Trading Volume. Blur’s NFT marketplace saw the most trading activity, accounting for $202 million of the total NFT trading volume.

According to Tom Wan, trading of Beanz and Azuki NFT collections contributed 32% to the total NFT trading volume between 26 June to 3 July 2023. Wan claimed that the similarities between Azuki Elementals and the original Azuki collection led to a disappointing mint and prevented more optimistic numbers for the market.

The crypto analyst’s research also highlighted some concerning metrics for blue chip NFTs. Over the past 30 days, several mainstream and high-profile NFT collections had seen significant double digit drops in their floor price. These included Mutant Ape Yacht Collection (-50%), Bored Ape Yacht Collection (-37%), Doodles (-46%), Azuki (-67%), Beanz (-77%), Moonbirds (-36%), and Captainz (-41%).