Despite the fact that the cryptocurrency economy’s value has fallen significantly over the past few weeks, statistics from seven days show that non-fungible token sales (NFTs) are 17.32% less than the week before. NFT floor prices have fallen a lot in the last month, as the most sought-after NFTs sell for much less.
NFT Industry, Once a Bubbly Industry is Now Faced With Its First Crypto Bear market. Non-Fungible Token Interest Has Dropped and Sales Are Slide.
NFTs made an impact over the past 12 months, raking in millions of dollars in sales. However, the NFT market is now experiencing its first crypto bearish market. NFTs have seen a decline in sales over the past weeks due to the market chaos.
Interest in non-fungible tokens has waned as the search query “NFT” has dropped significantly according to Google Trends (GT) data. During the week of January 16-22, worldwide GT data for the search term “NFT” hit the top score of 100, but this week the search query term is 25.
NFTs continue to sell but their weekly sales are 17.32% less than the week before. NFT sales last week are 64% below the week before. It’s safe to say by looking at market metrics, that the Terra LUNA and UST fiasco impacted the NFT space as well.
A large number of NFT collection blue chips saw their floor prices drop last week and they are now much lower. Some popular NFT collection reached new heights 34 days ago in floor value, with current statistics showing that they are selling for much less.
Bored Apes and Proof Collective are selling for less than half of what they sold last month
Proof Collective, an NFT collection, had a floor worth around 129 ether. At that time, one ethereum was trading for $2950 per unit. The Proof Collective NFT cost around $380K 34 days prior.
On that same day, Bored Ape Yacht Club’s (BAYC) floor value was approximately 123 ETH or $362K using ether exchange rates that day. On April 23rd, the least costly Cryptopunks NFT was priced at 59ether. That’s around $174K then.
Proof Collective NFT has today’s floor value at around 75 ether. According to ETH values on May 27, Proof Collective NFT currently sells for $130K. The floor value of the BAYC collection is $153K on Friday or 87.98 ETH and Cryptopunks’ NFT floor is 46.5 ETH or $80K.
Bored Ape Chemistry Club NFTs, which had a floor value of about 45 ether 34-days ago, has a lowest value today at 39.5ether. Similar to Mutant Ape Youth Club (MAYC), NFTs had an average floor of 33 Ethereum a month back and the current lowest value is 17.2ether.
According to NFT sales data, the Otherdeed NFT Collection is currently the most popular. While sales of Otherdeed reached $23 million in seven days, they are 14.52% less than last week. A particular NFT collection is called Goblintown. $21.9million in sales. This is a staggering 1,744,444% more than the previous week’s sales volume.
Otherdeed NFT’s collection was responsible for the top three most valuable NFTs. Two days ago, Bored Ape #2664 sold for 199.99 ether ($390K), while Cryptopunk #3764 was the fifth-most costly at 190 ether ($389K).
The floor values of non-fungible token collection collections, such as Clonex, Doodles and Azuki have dropped significantly, in comparison to April 23, which was 34 days ago.
How do you feel about NFT sales falling and blue-chip NFT collection floor values dropping? Is the crypto bear market affecting NFT sales? How does it affect NFT industry performance? Comment below and let us know how you feel about the subject.
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