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Ethereum NFT Sales Are Inversely Correlated to Crypto Market: Nansen

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Last month, crypto analytics company Nansen released six new indexes for tracking the NFT market. 

A recent report now reveals some striking conclusions pulled using this batch of indexes.

The six indexes split the market into handy subdivisions: The “NFT 500” (akin to the S&P 500), the “Blue Chip-10” index (the ten biggest “notable” and “classic”  NFT collections by market cap), the “Social-100,” which includes popular profile picture NFTs like Bored Ape Yacht Club or World of Women, and three other indexes for “Art,” “Social,” and “Metaverse” NFTs, which need no explaining. 

Using these trackers, Nansen has collected various correlations between different types of NFT collections and the wider crypto market.

NFTs outpace crypto markets

Firstly, NFTs have been crypto’s most bullish subdivision. 

While most crypto markets have experienced a hefty correction of late, NFTs blazed ahead with a performance of 90.9% year-to-date (YTD) when denominated in ETH, and 35.9% YTD when denominated in the greenback. 

Since January 1, the period in…

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