NFT Market Cap Drops 12%, Reaches $8.1 Billion: Causes and Impact

The world of digital collectibles witnessed a significant downturn this week. The NFT market cap plummeted by over 12% in just days, reaching a new low of $8.1 billion. This fall was closely linked to the price decline of Ethereum (ETH), with many popular NFT collections feeling the impact of this broader crypto trend. This article explores the causes behind this market dip, analyzing its effects on specific collections and providing insights into what it means for the future of NFTs.