cryptocurrency.tech
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Bitcoin and Ether lost about 15% of their value in a week, while the Fed expressed its readiness to raise interest rates early. Other risky assets also suffered, but non-fungible tokens (NFT), being prominent representatives of this category, continued to grow, The Block draws attention.
Thus, the minimum price of NFT from the Bored Ape Yacht Club collection in 7 days increased by 9%. Mutant Apes fell 1.8% over the same time period, but growth in 14 days is still 54%. The Doodles collection is up 47% and the World of Women is up 56%.
In addition, the current month was marked by increased activity in the NFT market, thanks to which it promises to become a record in terms of marketplace turnover.
As a possible explanation for the reasons for the discrepancy between the prices of cryptocurrencies and NFTs, a member of the DC Investor community put forward the following version:
“People are selling cryptocurrency tokens simply because it is a fungible asset. Accordingly, prices can fall very quickly. You cannot do this with NFT. Owners are tied to their NFTs. I think we’ve already seen several burnout waves of flippers buying NFTs to sell them quickly at higher prices. ”
Chris Perkins, president of crypto fund CoinFund, believes that the additional capabilities of NFT are another factor why holders are in no rush to get rid of them. For example, NFTs may be required to use various applications or participate in games:
“Innovations such as P2E games have generated additional demand for NFTs that may not be correlated with macroeconomic factors. For example, with an increase in interest rates, to which other assets in the crypto space react. “
DC Investor noted that NFT prices will also begin to fall in the event of a protracted bear market, but the spread of the technology, especially in the gaming sector, will continue.
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