Since the first Non-Fungible Token, Quantum created by Kevin Mccoy, debuted eight years ago in 2014, the NFT market has witnessed astronomical growth with trading surpassing $40 billion in 2021. But this growth has cooled off in the last couple of months according to a report released by Chainalysis. The report states that NFT transaction activity declined significantly beginning in mid-February, dropping from $3.9 billion the week of February 13 to $964 million the week of March 13 — the lowest weekly level since the week of August 1, 2021. Keeping these figures in perspective, let’s try to analyze how the top ten NFTs have performed ever since the crypto market crash. Cryptocurrency Crash In contrast, the crypto market has witnessed a massive loss of around $900 billion (70%) since the start of April, which is reminiscent of the last crash in 2018. There are a host of factors that may have triggered this crash – not least the economic uncertainty caused by Russia’s invasion of Ukraine – but like every other price correction in the past, this particular crash followed a record-breaking period for the market when it reached $3 trillion in November 2021. NFT Market vs Crypto Market Over the last year, NFTs, which are non-interchangeable digital assets like GIF, images or even tweets stored on the blockchain after a transfer of ownership, have been a windfall for traders and celebrities like Madonna and Justin Bieber and even sc...
