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The total NFT market cap pumped 34% since March 31
Based on the current volume it would only take ~$10M of net sell pressure to completely erase this pump
This $1.9B market cap is a paper number and is built from massive multis on collections that don't trade at all
I could add another $100M to the total MCAP tomorrow by minting a 10,000 supply collection and doing a single $1000 wash trade to set the floor, that's all it takes
There is no realistic exit at these marks for anyone holding meaningful size
Still down 88% from the 2022 peak not to mention the volume which is down 97% from $6 BILLION monthly vol
Not even close to "NFTs are back"