Deciphering the Metaverse: The double-edged sword of mainstream adoption

Amidst growing macroeconomic uncertainty, the entire crypto market was thrown into turmoil as the total market capitalization of cryptocurrencies seemed to disappear in a flash and shrank by -22.1% within a week. During this time period, the price of BTC decreased by -13.1%, while the price of ETH fell even more drastically by -24.0%, signaling a sharp downward trend and sending shockwaves through the market.

Apparently unfazed by this market meltdown, the NFT market continued to break new records by surpassing its previous all-time high (ATH) of $3.3B in overall NFT trading volume, currently sitting at $6.1B. Even when accounting for LooksRare’s inherent measurement issues due to wash trading, by excluding its share entirely, the overall NFT trading volume would hit $4.2B, still markedly exceeding its previous ATH.