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The NFT market has fallen back to pre-2021 expectations with a value of $1.5 billion.
This decline occurred alongside a broader downturn. On January 23, the total crypto market cap was approximately $3.1 trillion, but by Friday, it had dropped to $2.2 trillion.
Major assets like Bitcoin #BuyTheDipOrWaitNow? BTC#GateSquareValentineGiveaway fell from around $89,000 to approximately $65,000, and Ether #CryptoMarketPullback ETH( decreased from $3,000 to about $1,800 during the same period. According to NFT data aggregator CryptoSlam, Bitcoin and Ethereum are the two largest networks for NFTs in terms of 30-day trading volume.
The decline in NFT market value has come after many significant closures and exits, highlighting the sector's ongoing contraction.
The pace of closures accelerated. One of the oldest NFT platforms, Nifty Gateway, announced it would close on February 23 and switch to withdrawal-only mode. The platform owned by Gemini cited a prolonged market downturn as the reason for ceasing operations.
On January 28, social NFT platform Rodeo announced it would cease operations after failing to scale sustainably. Rodeo stated it would switch to read-only mode before shutting down completely in March.