As the non-fungible token (NFT) market continues to evolve, it looks like many NFT collections are experiencing a period of capitulation. This comes after significant developments in the NFT market, which has been on a rollercoaster ride in terms of price action over the past few months.
The data reveals that only three out of the top 10 most valuable NFT collections by market capitalization are currently up in price in Ethereum (ETH) over the past month, according to data shared with Finbold on April 28 from IntoTheBlock, a leading data analytics firm specializing in blockchain and cryptocurrency.
CRYPTOPUNKS (3.53%), Azuki (3.76%), and Autoglyphs (0.56%) are the three collections that are currently in the green over the past 30 days.
Overall, with only four of the 20 most valuable NFT collections by market cap up, the trend suggests the vast majority of NFT collections are currently experiencing a bearish period. Notably, some collections, such as Moonbirds and Doodles, are currently trading near their all-time lows, having lost more than 80% of their value from their all-time highs in (ETH terms).
While there may be some concerns about the state of the NFT market, it’s essential to remember that the market is still relatively new and evolving. It’s not uncommon for emerging markets to experience periods of volatility, and the NFT market is no exception.
Interest in NFTs on the decline
Interestingly at the start of April, Finbold reported how crypto-related US trademark filings nosedived in 2023.
NFT-related trademarks were down about two-thirds from the same period in 2022, as the USPTO received only 885 such trademark applications in the first quarter of 2023, compared to 2,530 in 2022.
Back in September, it was also reported that NFT monthly trading volume had declined for 5th straight month, crashing 97% since the peak. At the same, a 2022 study revealed over 30% of crypto users said they would ‘never buy’ an NFT.
