Post
I see many people realizing the illusion of ETH gains.
In reality, NFT holders are losing value against the dollar.
Previously, everyone was boasting about the rising floor price, but they forgot about the decline in ETH.
Measuring success in ETH is a rather dangerous way of thinking.
This period shows the double risk of holding NFTs.
I think it's always better to calculate in USD instead of ETH.
wale.moca 🐳
Due to the decline in ETH/USD, NFTs have fallen back to their lowest market cap levels ever.
Most collections have completely erased the gains from the rally of recent months. CryptoPunks are back around $50k USD, Bored Apes have dropped below $15k USD, Pudgy Penguins are trading below $8k USD and so on.
The price of ETH is the biggest vulnerability NFTs have.
It's cool when floor price is up 5 ETH but it's meaningless if ETH/USD is down -30% in the meantime
Disclaimer: OKX Orbit content is provided for informational purposes only. Learn more
Replies
No comments yet. Be the first to reply!
