Crypto winter reduced exchange and NFT trading volumes and venture investments

2022-11-7 12:46

NFT tokens could not avoid the consequences of crypto winter, interest in unique digital assets has been declining for the sixth month in a row. According to The Block Research service, which tracks trading volumes on all blockchains with smart contracts, the annual maximum was recorded in May at $ 1.7 billion.

In October, traders traded $144.72 million, 92% less than the maximum levels, which indicates an uncertain attitude of investors to NFT.

The novelty of the topic of digital art does not inspire buyers with confidence that unique tokens will steadily increase in price, like paintings or historical objects. Investments in tokens related to virtual lands and gaming items also failed to meet expectations. The topic of Metaverse and blockchain games has not found a mass user.

The growth of the cryptocurrency market in October did not find a positive reflection on the exchanges. Spot trading volumes fell to $548 billion, with September figures of $733.81 billion. Last month turned out to be the worst this year, which reduces the prospects for a Christmas rally.

At the end of the year or at the beginning of next year, investors are actively gaining digital currencies and stocks, hoping for New Year’s positive prospects. High inflation, political uncertainty in the United States and Asia, and the conflict in the center of Europe make us take a wait-and-see attitude.

Crypto winter has also affected venture capital investments. If we compare the results of October with the same month of 2021, quantitative investments in crypto projects decreased by 46%. The financial result was even worse, falling to 74%.

According to Messari, venture investors spent $850 million to support crypto projects in October. A month earlier, this amount was $1.57 billion, down 46%.

The above financial statistics indicate the likely unprecedented duration of the crypto winter. According to statistics for 12 years of market trading in cryptocurrencies, the phase of decline did not go beyond the annual duration. Despite the fact that November marks exactly one year since the sale of digital assets, investors are in no hurry to “buy the bottom”.

Сообщение Crypto winter reduced exchange and NFT trading volumes and venture investments появились сначала на Coinstelegram.

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Источник: coinstelegram.com

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