Crypto Winter Sees Hyper-Centralization of Blue-Chip NFT Collections
For the first time since last June, the market failed to hit $1 billion in trades. NFT users have now resorted to liquidating their investments, anticipating better market prospects. A new report by DappRadar, shared with CryptoPotato, suggests that this trend of “trading blocking” will continue till the crypto winter has passed.
In fact, four projects owned by the NFT giant: CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club, and Otherdeed for OtherSide, alone represented over $160 million traded in July. DappRadar’s latest blockchain industry report highlighted the hyper-centralization of activity in blue-chip NFT collections that continue to retain most of their value. The document showed that the NFT market is currently contracting, with its trading volumes decreasing by 25% MoM.
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