{"id":8585,"date":"2022-02-21T16:25:49","date_gmt":"2022-02-21T16:25:49","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/nft\/nft-prices-relatively-independent-of-broader-crypto-market\/"},"modified":"2022-02-21T16:25:50","modified_gmt":"2022-02-21T16:25:50","slug":"nft-prices-relatively-independent-of-broader-crypto-market","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/nft\/nft-prices-relatively-independent-of-broader-crypto-market\/","title":{"rendered":"NFT Prices \u2018Relatively Independent\u2019 of Broader Crypto Market"},"content":{"rendered":"<div>\n<figure class=\"image\"><figcaption>A fragment of Financial Freedom &#8211; Chapter 2 by Buddyart00. Source: async.art<\/figcaption><\/figure>\n<p>\u00a0<\/p>\n<p>The market for non-fungible tokens (NFTs) \u2013 although still in its infancy \u2013 appears to be \u201ca relatively independent market\u201d that does not necessarily move with the broader crypto market, according to crypto analysis firm <strong>Coin Metrics<\/strong>.<\/p>\n<p>In their latest report, Coin Metrics noted that it is often thought that NFT trading volumes suffer when prices of ethereum (ETH) are rising, since most NFTs are bought and sold using ETH.<\/p>\n<p>And while this appears to be the case during \u201csome particularly extreme price swings,\u201d the data still shows that no consistent correlation exists between the ETH price and sales volumes on the dominant NFT marketplace <strong>OpenSea<\/strong>, the analysts said.<\/p>\n<p>Plotting ETH prices against OpenSea volumes shows that the two have often moved in opposite directions since the beginning of 2021, with at least three notable divergences occurring in May 2021, November 2021, and January 2022. However, the data also shows that ETH price and NFT volumes have sometimes moved in tandem, contrary to the commonly held belief that higher ETH prices are bad for NFTs.<\/p>\n<blockquote>\n<p>\u201c[\u2026] at times they are highly correlated, like August 2021, but at other times they\u2019re negatively correlated, like November 2021,\u201d the analysts said.<\/p>\n<\/blockquote>\n<p>They went on to conclude that the NFT market should be thought of as \u201crelatively independent\u201d from the broader crypto space, and that it \u201cmay for the most part move separately from the rest of the crypto market.\u201d<\/p>\n<figure class=\"image\"><img decoding=\"async\" alt=\"\"  width=\"984\" class=\"content-img lazyload\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2022\/02\/opensea.jpg\" ><figcaption>Source: Coin Metrics<\/figcaption><\/figure>\n<p>Meanwhile, the report also touched on the large variations that exist within the digital art market, noting that some collections have seen \u201cconsistent success,\u201d while others have gone through \u201cbig peaks and valleys.\u201d<\/p>\n<p>As examples, it mentioned the popular <strong>Bored Ape Yacht Club<\/strong> (BAYC) and <strong>Doodles<\/strong> collections as seeing \u201crelatively consistent\u201d price growth, while collections like <strong>Art Blocks Curated<\/strong> peaked during the so-called \u201cJPEG summer\u201d of 2021 and has yet to recover.<\/p>\n<p>Across all NFT collections tracked, the report said that large sales have picked up this year although they still have yet to reach the levels from the height of the NFT craze in August 2021.<\/p>\n<figure class=\"image\"><img decoding=\"async\" alt=\"\"  width=\"984\" class=\"content-img lazyload\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2022\/02\/nft-market.jpg\" ><figcaption>Source: Coin Metrics<\/figcaption><\/figure>\n<p>____<\/p>\n<p><strong><\/strong><br \/>&#8211;<strong> <\/strong>NFTs in 2022: From Word of the Year to Mainstream Adoption &amp; New Use Cases<br \/>&#8211; Real and Artificial NFT Market Outperformed Crypto in January &#8211; DappRadar<\/p>\n<p>&#8211; Have We Reached Peak NFT Hype?<br \/>&#8211; Immutable and GameStop to Launch an NFT Marketplace, $100M fund; IMX &amp; GME Rise<\/p>\n<p>&#8211; OpenSea Boosts Valuation 9X as This NFT Giant Sets Four Strategic Goals<br \/>&#8211; Florida Home to be Auctioned Off as an NFT<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>A fragment of Financial Freedom &#8211; Chapter 2 by Buddyart00. Source: async.art \u00a0 The market for non-fungible tokens (NFTs) \u2013 although still in its infancy \u2013 appears to be \u201ca relatively independent market\u201d that does not necessarily move with the broader crypto market, according to crypto analysis firm Coin Metrics. In their latest report, Coin [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8586,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[43],"tags":[],"class_list":["post-8585","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nft"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NFT Prices \u2018Relatively Independent\u2019 of Broader Crypto Market | NFT &amp; Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nftandcrypto-news.com\/nft\/nft-prices-relatively-independent-of-broader-crypto-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NFT Prices \u2018Relatively Independent\u2019 of Broader Crypto Market | NFT &amp; Crypto News\" \/>\n<meta property=\"og:description\" content=\"A fragment of Financial Freedom &#8211; Chapter 2 by Buddyart00. Source: async.art \u00a0 The market for non-fungible tokens (NFTs) \u2013 although still in its infancy \u2013 appears to be \u201ca relatively independent market\u201d that does not necessarily move with the broader crypto market, according to crypto analysis firm Coin Metrics. In their latest report, Coin [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nftandcrypto-news.com\/nft\/nft-prices-relatively-independent-of-broader-crypto-market\/\" \/>\n<meta property=\"og:site_name\" content=\"NFT &amp; Crypto News\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-21T16:25:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-02-21T16:25:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2022\/02\/9466a9413c.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"599\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Staff\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Staff\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/nftandcrypto-news.com\/nft\/nft-prices-relatively-independent-of-broader-crypto-market\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/nftandcrypto-news.com\/nft\/nft-prices-relatively-independent-of-broader-crypto-market\/\"},\"author\":{\"name\":\"Staff\",\"@id\":\"https:\/\/nftandcrypto-news.com\/#\/schema\/person\/352194e8b0cb9ae3ad5480e201b5f792\"},\"headline\":\"NFT Prices \u2018Relatively Independent\u2019 of Broader Crypto Market\",\"datePublished\":\"2022-02-21T16:25:49+00:00\",\"dateModified\":\"2022-02-21T16:25:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/nftandcrypto-news.com\/nft\/nft-prices-relatively-independent-of-broader-crypto-market\/\"},\"wordCount\":429,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/nftandcrypto-news.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/nftandcrypto-news.com\/nft\/nft-prices-relatively-independent-of-broader-crypto-market\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2022\/02\/9466a9413c.jpg\",\"articleSection\":[\"NFT\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/nftandcrypto-news.com\/nft\/nft-prices-relatively-independent-of-broader-crypto-market\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nftandcrypto-news.com\/nft\/nft-prices-relatively-independent-of-broader-crypto-market\/\",\"url\":\"https:\/\/nftandcrypto-news.com\/nft\/nft-prices-relatively-independent-of-broader-crypto-market\/\",\"name\":\"NFT Prices \u2018Relatively Independent\u2019 of Broader Crypto Market | NFT &amp; 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