The past month has been nerve-wracking for the NFT market. The global market cap was slashed in half, dropping from $6.6 billion all the way down to $3.5 billion—a nearly 50% plunge.

Interestingly, trading volume actually increased in October. Sales hit $631 million, up 13% from September. This rebound was mainly supported by NFTs on Bitcoin and the Base chain, which rose by 9% and 24% respectively. But things looked grim on other chains—BNB Chain plummeted 82%, Polygon evaporated 86%, and even the heavyweight Ethereum couldn’t hold out, dropping 25.5%.

What does this mean? Active trading doesn’t signal a return of confidence. Speculation is still dominating the market, and short-term rebounds have no solid foundation.

What’s even more painful is the fate of so-called "blue chip" projects. CryptoPunks’ floor price nosedived from $214,000 to $117,000 in a month, a straight 40% cut. Think that’s the worst? Moonbirds fell from $14,700 to—well, the original didn’t specify where, but the drop is probably even scarier.

This wave of sell-offs has been both swift and fierce. If even the top collections can’t hold their value, imagine the plight of niche NFTs held by retail investors. What the market lacks most now isn’t hype, but real money to back up the bids. Without new capital coming in, all the short-term volatility is just a numbers game.

Simply put, NFTs are still searching for a true anchor of value. After the hype fades, what remains is what really matters.