Has crash in stable coins slowed down sales in non-fungible tokens

Market


Amidst the Terra LUNA crash, a steep selloff has been witnessed across the crypto market. Non-fungible tokens (NFTs) have also faced the brunt of broad selling pressure. On Saturday, NFTs rose in market cap, however, sales volumes were in a downturn.

As per CoinMarketCap data, the NFT collections market cap rose by 1.2% currently and was at nearly $10.98 billion in the last 24 hours. However, in sales volumes term, it dived by over 10% and was around $29.93 million.

Top NFTs traded in the green today. FLOW surged over 2.4%, while ApeCoin jumped 6.7%, Decentraland MANA climbed over 7%, Tezos advanced over 9%, and The Sandbox soared over 7.7% at present.

Since the start of May, crypto markets have been on a selling spree after Terra UST lost its peg and its sister token LUNA crashed to zero and eventually got delisted on many exchanges.

The real-time data of CoinMarketCap shows that the global crypto market cap is $1.26 trillion, a 2.44% increase over the last day. However, the total crypto market volume over the last 24 hours is $55.50 billion, which makes a 26.80% decrease. Further, the total volume in DeFi is currently $5.89B, 10.61% of the total crypto market 24-hour volume.

Bitcoin jumped by over 2% but traded below the $30,000-mark. The coin was around $29,500.

Counterpart Ether too rose over 2%, however, erased its $2,000-level. It was currently around $1,978.

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