According to Odaily Planet Daily, crypto KOL @arndxt_xo published an analysis on the X platform, saying that the BAYC floor price fell from more than 150 ETH to 11 ETH, a 90% drop in US dollar terms. The daily trading volume of the entire NFT market fell from $100-200 million to around $5 million.
Problems facing the NFT market include: unsustainable use cases, liquidity crisis, narrative shift, technical limitations, and market saturation. Low-quality projects and "money grabbing" behaviors dilute the market space.
Potential catalysts for recovery in the future include: Atomic NFT, utility-focused projects, integration with DeFi, games, and metaverse applications. KOL believes that NFT needs a lot of innovation around PFP, and the use of new standards such as ERC404 may drive its return.
