NFTs vs. Macro
gm Bankless Nation, NFTs were supposed to crumble this week under macro pressure, but some collections defied expectations!
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It was a rollercoaster week in the markets, to say the least. And at first glance, some top NFT collections looked like they held strong. Over the past 7 days, CryptoPunks rose +5.2% in ETH terms, Mutant Apes +5.1%, and Lil Pudgys +6.5%. Yet in dollar terms, those same collections fell between -6% and -9% over the same span.
Why? Because with trade war volatility ramping up, ETH dropped against USD on the week. That means even as some NFT floors rose in ETH, their dollar values sank. On top of that, the dollar itself took a hit, with the DXY falling ~3% since last Friday as nervous investors rotated out of USD and into assets like gold and the yen.
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