NFT markets rebound after $1.2B wipeout in Friday’s crypto crash
Top Ethereum NFT collections like BAYC, Pudgy Penguins and CryptoPunks remain in the red despite a partial market recovery after Friday’s crypto market crash.
The non-fungible token (NFT) market showed early signs of recovery after a steep sell-off wiped out about $1.2 billion in market capitalization during the crypto market crash on Friday.
According to CoinGecko data, the sector’s overall valuation fell from $6.2 billion on Friday to $5 billion on Saturday. This erased almost 20%, or about $1.2 billion, in market capitalization for digital collectibles across all blockchain networks.
The sector experienced a rapid recovery as crypto markets rebounded. On Sunday, NFTs reached $5.5 billion, marking a 10% gain following the crash. At the time of writing, the overall market cap was almost $5.4 billion.