NFT market is mostly eth, not btc, and a tiny fraction of trading volume. At this point cryptos have become correlated to fiat denominated assets and rise and fall in sync. Total market cap is ~2T at this point.
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Yes but not due to NFTs or even contract activity generally. They’ve been correlated for long before NFTs due to people just hedging/arbitraging/portfolio balancing, and most ETH trading is not for NFTs. NFTs drive gas prices strongly but not asset prices afaict.
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Not trying to mess with your fun, just Poe’s law amplification. There’s already people who seem to sincerely think the sector is all NFTs.
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Total market caps and trading volumes are easy to find on coinmarketcap etc. Aggregating NFT volume is hard but multiple tools out there. Google shows this as top result for ‘NFT trading volume’…seems accurate
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Quick check suggests total crypto trading volume was 14T in 2021 and NFTs were 23B. And due to the disproportionate value in secondary sakes of just a few big hits like bored apes and cryptopunks, I’d suspect most of the winners on the sell side are hodling too.
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