NFT floor prices are falling along with the broader crypto market

Floor prices for non-fungible tokens (NFTs) have not been spared amid a broader crypto market downturn.

Some of the most popular NFT projects have had their floor prices fall as much as 30% in the last week as Bitcoin, Ether and other cryptocurrencies plunge.

Six months ago, it seemed as though 2022’s crypto market turbulence was sparing NFT collections. But as falling floor prices show, that insulation only goes so far. This week’s price action builds on an extended period of market volatility against a tough macro backdrop, fueled in part by record-high inflation. Crypto markets, too, were rattled last month by the collapse of the Terra blockchain ecosystem and the UST stablecoin.

The Sunday move by crypto lending platform Celsius to halt withdrawals triggered a fresh round of chaos in the market, with the price of bitcoin falling as low as $22,600 on Coinbase on Monday.

The top six NFT projects by all-time volume on OpenSea are CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, Doodles and Cool Cats.

Here’s how they fared in the past three days — from June 10 to June 13, 2022 — according to data from CoinGecko:

  • CryptoPunks — decreased 18%, from $84,800 to $69,500.
  • Bored Ape Yacht Club — decreased 30%, from $164,200 to $115,200. Less than two months ago, on April 29, the Bored Ape floor price had reached its all-time high at over $430,000.
  • Mutant Ape Yacht Club — decreased 29%, from $33,600 to $23,900.
  • Azuki — decreased 31%, from $18,900 to $13,000.
  • Doodles — decreased 33%, from $21,400 to $14,200.
  • Cool Cats — decreased 31%, from $7,000 to $4,800.
Related:  SCB 10X opens new web3 collaborative space in Bangkok: Exclusive

Since 84.7% percent of NFTs are on Ethereum — including the six mentioned above — their floor prices are tied to Ether’s performance.

The price of ETH has continued its steady decline from its all-time high of $4,270 on November 11, 2021.

ETH has fallen roughly 33% in the past week and is currently trading at $1,244 on Coinbase as of press time.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

MK Manoylov is a reporter for The Block covering NFTs, blockchain-based gaming and cybercrime. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP).

Source link

Share this article: