Ethereum NFT Market Cap Dropped More Than 59% Over The Last Year


On February 9th, DappRadar published a report showing that the Ethereum NFT market cap value fell by 59.60% from $9.3 billion in 2022 to around $3.7 billion in early 2023.

DappRadar’s study is based on the marketcap analysis of 81 of the largest NFT collections running on the Ethereum network.

According to DappRadar the collapse of Terra Luna in May 2022 was the main cause of the 88% market cap loss of NFT projects running on Ethereum by June 2022.

Therefore, the drop in the market cap of NFT projects was not due to a lack of interest on the part of investors but to the manipulations of bad actors in the ecosystem. This is probably the main cause of the broader collapse of the crypto industry, as during the collapse of FTX, the market cap of the entire NFT ecosystem crashed following the global crypto market.

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