After the collapse of Silicon Valley Bank (SVB) last week, NFT trading volumes took a big hit, hovering between $68 million and $74 million before the collapse of Silicon Valley Bank on March 10, according to a March 16 report from data aggregation platform DappRadar. million before falling to $36 million on March 12. From March 9th to March 11th, the number of NFT sales in a single day dropped by 27.9%.

According to DappRadar, there were 11,440 "active" NFT traders on March 11, the lowest number recorded since November 2021. Despite the lukewarm trading, the market value of "blue chip" NFTs has not been materially affected, with collectibles such as Bored Apes Yacht Club (BAYC) and CryptoPunks seeing only a slight drop in floor prices.

However, following the news that PROOF had considerable exposure to Silicon Valley Bank, the base price of the Moonbirds series dropped a massive 35.3% from 6.18 ETH to 4 ETH on OpenSea. Part of the reason, DappRadar explained, was that one Ethereum address sold nearly 500 Moonbirds NFTs at a loss of between 9% and 33%.