It's no longer news that the market has been in a tensed condition for quite sometimes now,the bears are totally in charge of the market causing alot of mayhem to investors and traders, however crypto related assets seem to the bowing to the force of the bear market as they appear to be tanking.we all know that so many investors also have their assets preserved in non fungible tokens because of its store of value.nfts are mostly stored on the Ethereum Blockchain.
Most Ethereum NFTs saw a huge rise before the bear market started,there was a huge trading volume of NFTs where alot of people actually bought some costly NFTs most especially the bored ape NFT,this was the period trading volume of NFTs were at it's peak.the month of June has been tough for the crypto market and this also spread it's effects to the NFTs too.it was reported that 70% of the NFTs trading volume has dropped which almost close to the 90% drop in volume of the crypto market trading too.
Obviously there is no part of any crypto related assets that is not feeling the heat of the bear market.the market volume of NTFS has dropped from$2.7billion to around $650, that's a massive drop.its really unfortunate that they are also experiencing the force of the bear market in cryptos,cryptos are refusing to go down alone so they have decided to make NFTs their partner in crime.
THERE IS SOMETHING NFT HOLDERS SHOULD LEARN.
In every situation there is always a lesson to be learnt,such is the case the crypto bear market that is also affecting the NFT market now.so many investors invested in NFTs without even having a crypto investment,well this is not really bad as we all have our choices to make.but the point is that most of the nft holders are selling their NFTs by lowering their floor price which to me is a big loss on their path as most of this NFTs cost alot of money to buy most especially the bored ape,bored ape are actually one of the most expensive NFTs so lowering the floor price in other to sell quickly is a bad idea to me.
I think the lesson NFT holder's needs to learn in this bear market situation is that they need to learn how to excercise patience just like the way crypto traders do,I do t really know how they feel selling what they bought at a very high price at a lower price.so to avoid bigger loss I think it's better to exercise patience than selling at loss after all the bull market will definitely come one day no.matter how long the bears might have decided to stay in the market.