NFT Market Plummets 46% in Just 30 Days: What’s Driving the Correction?

The non-fungible token (NFT) market has experienced a dramatic downturn, with its total value plummeting by nearly half in just 30 days. While trading volume saw an uptick in October, the price of NFTs overall continues to decline. CoinGecko data reveals that the global NFT market capitalization dropped from around $6.6 billion on Oct. 5th to $3.5 billion as of Wednesday. This sharp decrease in value is despite a slight increase in sales count during October, which briefly boosted blue-chip floor prices.