The cryptocurrency market is down today—way down, with a 14% drop in overall value over the past 24 hours, including a 16% loss for Bitcoin and a loss of 18% for Ethereum.
NFT collections are also feeling the effects of the struggling crypto market, in part due to the drop in the price of ETH. But surprisingly, the volume of NFT transactions has actually increased sharply in the last 24 hours, up 54% compared to the previous period, suggesting that collectors could benefit from lower prices.
How Much Are So-called “Blue Chip” NFT Collections Falling Amid Crypto Market Slowdown? The popular Bored Ape Yacht Club saw its price floor – or the cost of the cheapest available NFT listed on a secondary market – drop to nearly $107,000, or 16% on the last day when measured in US dollars, according to data from NFT floor price.
The damage isn’t as severe when measured in ETH: Bored Ape’s floor price fell almost 11% to around 74.5 ETH. Yet the project has lost tremendous value in the last month and a half. The cheapest bored monkey you can buy on April 29 was 152 ETHor about $429,000 at the time.
Other major collections are also down today. Measured in USD, the Mutant Monkey Yacht Club is down 22% to around $20,100 (14 ETH), Lunar birds are down 16% to around $23,250 (16.2 ETH), doodles lost almost 21% of the floor value at a current price of $11,650 (8.1 ETH), and Meebits are down 27% at $4,050 (2.8 ETH).
But while it’s pretty much all red on the NFT floor price list today, it’s the opposite for trading volume on CryptoSlamfrom the list of the best NFT projects. Some collectors may take advantage of “cheap ETH” and falling valuations to buy typically expensive NFTs at lower than normal prices.
Overall, according to the crypto analysis site, the NFT market has seen a 54% increase in trading volume in the past 24 hours compared to the previous 24-hour window. Sales for the day total nearly $39 million, which is significantly lower than the daily amount seen in early May, but is an improvement over recent daily trading volumes.
The Bored Ape Yacht Club topped the list for trading volume over the past day, with $5.8 million in NFT sales. CryptoSlam’s top three are all Bored Ape-related: Mutant Apes are second with over $2.8 million in NFT transactions, with virtual land for the next Other side metaverse game in third at $2.3 million in transactions.
An NFT serves as the title deed to an item, and they are often used for digital goods such as artwork, profile pictures, and sports and entertainment collectibles.
The NFT market has surged $25 billion in trading volume in 2021, according to data from DappRadar, and is still on course to top that tally this year. Market leader OpenSea actually had its best day just over a month ago, with $476 million in Ethereum NFT sales May, the 1st.
However, NFT trading volume fell sharply early last month when crypto prices began to suffer, and the NFT market has continued to struggle ever since. Even so, DappRadar recently reported that the NFT market seems to be resistant— although market uncertainty has also led to a panoply of nihilistic and experimental projects like Goblintown and ShitBeast.
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