As the non-fungible token (NFT) market continues to evolve, it looks like many NFT collections are experiencing a period of capitulation.
CRYPTOPUNKS (3.53%), Azuki (3.76%), and Autoglyphs (0.56%) are the three collections that are currently in the green over the past 30 days.
Most valuable NFT Collections to 10. Source: IntoTheBlock
Overall, with only four of the 20 most valuable NFT collections by market cap up, the trend suggests the vast majority of NFT collections are currently experiencing a bearish period. Notably, some collections, such as Moonbirds and Doodles, are currently trading near their all-time lows, having lost more than 80% of their value from their all-time highs in (ETH terms).
Most valuable NFT Collections to 20. Source: IntoTheBlock
While there may be some concerns about the state of the NFT market, it’s essential to remember that the market is still relatively new and evolving. It’s not uncommon for emerging markets to experience periods of volatility, and the NFT market is no exception.
Interest in NFTs on the decline
NFT-related trademarks were down about two-thirds from the same period in 2022, as the USPTO received only 885 such trademark applications in the first quarter of 2023, compared to 2,530 in 2022.
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