Dec 1, 2023

Crypto is inching toward bull-market territory, but non-fungible tokens (NFTs) have failed to benefit from the market euphoria.

Video transcript

The chart of the day is presented by, the leading crypto platform trusted by over 80 million users worldwide. Let's take a look at the chart of the day. Crypto is inching towards bull market territory but NFTS have failed to benefit from the market euphoria. While Ether is up approximately 70% year to date. NFT valuations aren't following Nanson NFT 500 index which measures the valuation of the top 500 nfts has dropped 50% year to date when denominated in Ether and 16% in dollar terms. Meanwhile, the blue chip 10 index which measures the valuations of prominent nfts like crypto punks and the board A P yacht club is down 44% in ether terms. Open sea. The largest NFT marketplace hasn't fared much better at the height of NFT mania. In January 2022 the platform was clearing over $380 million in fees every month and around $120 million in revenue. According to data from DFI Lama. Now fees have slumped to $6 million a month and reven to about 1.4 million. There are some signs of growth in the market. However, including a growing market of NFTS based on utility rather than monkey J pegs, applying the technology to things like ticketing and loyalty programs. Bitcoin ordinal also continues to grow in popularity with miners appreciating the fees. That's it for today's chart of the day. I'm Jen Sani. We'll see you next time to unpack more of the data behind top news stories.

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