Bybit X Nansen’s Crypto State-of-the-Industry Report November 2022



An Overview



1. General On-Chain/Off-Chain Sentiment 

2. NFT Overview

3. Impact from the fall of FTX



Authors’ Note



Over the course of the month, the crypto market reversed the bullish momentum built in late October and plunged from $1 trillion market capitalization to $900 billion as the FTX saga continued to unfold. Fortunately, the price moments of leading cryptocurrencies have stabilized by the end of the month. 



While the on-chain and off-chain metrics paint a bearish picture, on-chain transactions from leading Layer 1s have remained resilient. Meanwhile, NFT was unimpressed by the FTX’s debacle, and leading blue chip projects continued to outperform in an extended bear market. Furthermore, the FTX saga brings not only negative impacts to the industry but also positive factors. For example, decentralized finance (DeFi) earns a chance to grow against its centralized counterparts amidst gloom and doom. We will flesh out the above observations after diving into on-chain/off-chain sentiments, NFT’s performance, as well as winners and losers from FTX’s fallout.