Lower NFT Floor Prices Amid Crypto Crash, Sales Still High
In the last 24 hours, the cryptocurrency market saw a drop of 14% in its overall value. Both Bitcoin and Ethereum saw a loss of 16% and 18%, respectively. NFT collections are also suffering from the down crypto market and falling ETH prices. Meanwhile, the NFT trading volume has increased in the past 24 hours by 54%. This indicates that the buyers are seizing the opportunity of a lower NFT price.
Rise and Fall of NFT Trading Volume and NFTs
About the blue-chip NFT collection, the Bored Ape Yacht Club saw its floor price drop to $107,000, which is nearly 16% in the last day (in dollars), per data from NFT Price Floor. This still isn’t as bad as ETH: the Bored Ape price floor, which has sunk to around 11% with 74.5 ETH. The loss has been significant over the last month and a half. Back on April 29, the cheapest Bored Ape cost was around 152 ETH or $429,000.
Other top collections like Mutant Ape Yacht Club dropped to 22% ($20,100/14 ETH), Moonbirds to 16% ($23,250/16.2 ETH) and Doodles to nearly 21% of floor value with $11,650 (8.1 ETH). Meebits dropped to 27% ($4,050/2.8 ETH).
On the other hand, the NFT trading volume has significantly increased by around 54% in the last 24 hours (if compared to the day before yesterday). The sales total for the day was $39 million, which is still lower than the values seen in early May but higher than recent values.
Bored Ape Yacht Club’s trading volume was the highest, with $5.8 million worth of NFT sales. In Cryptoslam, the Mutant Apes’ trading volume is $2.8 million. The virtual land for a Metaverse game, Otherside, is third with $2.3 million.
Last year, the trading volume for the NFT market increased to $25 billion, and it’s still in the game. On May 1, OpenSea witnessed their single best day with $476 million in Ethereum NFT sales.
Unfortunately, there was a sharp decline in NFT trading last month, and since then, the market has started suffering. As per DappRadar, NFTs are quick to recover— although the market uncertainty has resulted in an array of nihilistic, experimental projects like Goblintown and ShitBeast.
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