Non-fungible token (NFT) markets are experiencing a stunning landslide in the wake of the news of Binance’s potential acquisition of FTX shaking up several prominent exchanges.
Built on the backs of Ethereum and Solana, NFTs have fallen in value drastically in the past day. While Binance’s plan to purchase Sam Bankman-Fried’s crypto empire briefly paused prices from dropping, fresh doubt that the deal will finalize has driven prices down again.
OpenSea’s daily NFT trading volume on Solana has fallen from about 4,900 SOL, or $70,000, to just shy of 1,000 SOL, or $14,000 since Tuesday. For Solana-based leading NFT marketplace Magic Eden, the trading volume of SOL has fallen from about 153,000 SOL, or $2.5 million to almost 84,000 SOL, or about $1.4 million.
The daily trading volume on Ethereum has also fallen from about 6,000 ETH, or $7.1 million, to about 3,900 ETH, or $4.6 million in the past day.
OpenSea is experiencing its all-time high ratio of wrapped ETH to ETH volume, meaning that NFT buyers are purchasing NFTs at bid prices, rather than buyers purchasing assets at seller’s offer prices, suggesting that users are trying to liquidate as soon as possible.
While FTX.US’s NFT marketplace won’t be a part of Binance’s basket at checkout, it’s home to NFTs built on Solana and Ethereum, whose values are tanking as these tokens face the blow of these assets dropping in value while liquidations are underway.
