SVB Collapse Tanked NFT Trading Volumes, DappRadar Report Suggests
Not all collections of non-fungible tokens, however, were affected in the same way. Projects from NFT issuer Yuga Labs, including Bored Ape Yacht Club and CryptoPunks, saw their floor prices dip slightly on Saturday, but the prices quickly recovered. One Twitter user compared CryptoPunks to USDC, claiming it was more stable than the stablecoin, which lost its peg to the U.S. dollar after Silicon Valley Bank’s collapse. The bank failed after it sold a large portion of its holdings at a loss to meet a deluge of customer withdrawal requests.
