NFTs have a strange relationship with cryptocurrencies. It’s similar to that of a parent and child. When the NFT market was small, it depended on the crypto markets for its pricing; but as they have matured they have been breaking away. N_th4n writes
If the last 12 months in cryptocurrency has taught us anything, it's that people really like owning a piece of code that proves they overpaid for a jpeg. And it's not just about monkey pictures either. Soon NFTs will be used to trade music rights, real estate, and debt instruments.
Others have pointed out times when both markets have moved in sync as was the case recently when NFTs sankalong with the rest of the market when the conflicts in Ukraine began. This is partially because to buy an NFT you need to use cryptocurrencies as a means of payment, a non-trivial level of complexity for many people.”
However, both papers were released in the first half of 2021, before the NFT market took off. Data from 2022 suggests that there might not be much correlation between the two after all.from February 2022 looked at the correlation between the price of Ether and the sales volume of OpenSea to see if rising ETH price caused a drop in NFT sales. “Looking at the data there does not appear to be a consistent correlation between OpenSea sales volume and ETH price,” the report says.
While NFT volume started to increase in July when BTC price was in the doldrums, both crypto and NFTs posted gains In August 2021. Bitcoin gained 76% that month before declining in September along with NFTs. So the only clear case of inverse correlation has been November-February when NFT volume boomed while BTC and altcoins declined.
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