Top NFT Collections’ Floor Price Now Drops Dramatically!
NFTs are starting to feel the effects of the bear market, with some of the most valuable collections in the industry seeing their valuations fall owing to lower demand in recent months.
Many top collections have lost about 6% of their value in the previous 24 hours, according to Nifty Price. Other NFT aggregators, such as CoinGecko and Nftpricefloor, have also reported that the floor price of these assets is declining.
The floor price of Bored Ape Yacht Club is 72 ETH, down 17.97% in the last 24 hours. Cryptopunks has dropped 0.81% to 48 ETH, after having had a modestly positive performance at its floor price over the last seven days.
Other well-known collections, such as Mutant Ape, CloneX, RTFKT, Doodles, Azuki, and Meebits, have seen their floor prices drop dramatically. In the last 24 hours, the majority of these projects’ floor prices have dropped by double digits.
Autoglyphs is the only one of the top 10 NFTs by floor cap that has had its floor price climb. Its floor price has climbed by 21.94% in the previous 24 hours, to 189 ETH.
The rut is affecting even fresh NFT collections. The floor price of Goblintown.wtf, which has barely been around for a month, has dropped by 26% in the previous 24 hours.
However, despite the falling value of these NFTs, a blog post from DappRadar said the “NFT market is far from dead” because “The value of these assets decreased at a lower rate than underlying cryptocurrencies during the last months.”
Blue-chip NFTs are being purchased by certain purchasers who are taking advantage of the price drop. According to statistics from cryptoslam, BAYC’s sales volume has climbed by 44.72% in the previous 24 hours, with nearly $3.4 million generated from 28 transactions.
Within the previous 24 hours, sales volume for other major projects has increased as well. The volume of Mutant Apes has increased by 31.86%, CryptoPunks has increased by 260.41%, Moonbirds has increased by 33.12%, and Azuki has increased by 59.88%.
However, a brief examination of the data over the last 30 days reveals that all of these projects’ sales volume has decreased by at least 70%, indicating that interest in NFTs is dwindling as the larger crypto market sinks.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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