The crypto markets has plunged by 14% over the past 24 hours, including the double whammy of Ethereum’s loss of 18% and Bitcon’s dip by 16% while NFT sales also suffer from the crypto market crash, but primarily due to ETH prices falling.
A lighter note: NFT trading volume increased by 54% over 24 hours, providing collectors with an opportunity to accumulate valuable NFT collections.
Popular nonfungible token collections, such as Bored Ape Yacht Club, have seen their prices plummet. The club’s lowest floor NFT price fell by up to 16% (or $107,000). Bored Ape’s floor price fell by approximately 74.5 Ethereum, or 11%.
The project’s value has declined since May. You can purchase the Bored Ape NFT for 152 Eth or an astounding $429,000. You’ll see the enormous difference in the numbers.
Crypto Winter: Market Caps Drop by $1 Trillion
On Monday, the total market capital of all cryptocurrency fell to $969 billion. NFT collections follow suit.
Doodles are among the most popular non-fungible blue-chip token collections. With a floor price at 8.1 Ethereum or $11,650 Mutant Ape Yacht Club dropped by 22% or 14ETH. This is close to $20,100. Meebits fell 27% with a floor of 2.8ETH. Moonbirds tumbled 16% for 16.2 ETH. That is $23,250.
Source: TradingView.com| Source: TradingView.com
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The NFT floor price drops; trading volume increases
The NFT floor is still in the hock but trading volumes are increasing. Collectors take advantage of the falling ETH price to secure blue-chip NFT collection at lower prices.
Total nonfungible token sales are now at $39 million, which may seem lower than the sales in early May, but it’s a significant improvement compared to the previous days. Over the past 24 hour, NFT market trading volumes have increased by 54%.
Trading volume in 2021 was at $25 billion, making this year’s stats a massive improvement. These numbers could still rise in the days ahead. OpenSea NFT revenues reached $476 millions. Despite crypto uncertainty and struggles, the non-fungible token market seems to be stronger than ever.
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Featured Image from Blockworks. Chart from TradingView.com