Data shows digital collections are decoupling from ETH

Stephen Young, founder of NFT market NTFfi, said in an interview with Blockworks recently that usually when Bitcoin and Ethereum prices dive, everything in the cryptocurrency market stops, but now things have changed. Digital collectibles are no longer tied to Ethereum price volatility. Noelle Acheson, head of market analysis at Genesis, echoed this sentiment and said that compared to other cryptocurrencies, NFTs “have turned to a different investment thesis, with NFT investors looking for more than just price appreciation, their lack of tangible valuation parameters makes it difficult for them. Investing is more emotional, which doesn’t ebb and flow with risk sentiment.” Bitcoin and ethereum had previously fallen more than 30% from their November all-time highs, according to Messari data, but trading volumes for blue-chip NFT collectibles Stay steady, including Bored Ape Yacht Club, CryptoPunks, and Mutant Ape Yacht Club. Meanwhile, NFT marketplace OpenSea saw a record $261 million in one-day volume last month, according to Dune Analytics. The exchange surpassed 546,000 active users last month, a record high.