NFT Floor Prices Sink Amid Crypto Crash, But Overall Sales On the Rise

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The cryp­tocur­ren­cy mar­ket is down todayway down—with a 14% drop in over­all val­ue over the past 24 hours, includ­ing a 16% loss for Bit­coin and an 18% loss for Ethereum.

NFT col­lec­tions are also feel­ing the hurt of the bat­tered cryp­to mar­ket, due in part to the falling ETH price. But sur­pris­ing­ly, NFT trad­ing vol­ume has actu­al­ly risen sharply over the past 24 hours, up 54% over the pre­vi­ous period—suggesting that col­lec­tors may be tak­ing advan­tage of low­er prices.

How far are so-called “blue chip” NFT col­lec­tions falling amid the cryp­to mar­ket down­turn? The pop­u­lar Bored Ape Yacht Club has seen its floor price—or the cost of the cheap­est-avail­able NFT list­ed on a sec­ondary marketplace—drop to near­ly $107,000, rep­re­sent­ing a 16% in the last day when mea­sured in U.S. dol­lars, per data from NFT Price Floor.

The dam­age isn’t quite as bad when mea­sured in ETH: the Bored Ape price floor has dropped almost 11% to about 74.5 ETH. Still, the project has lost a huge amount of val­ue over the last month and a half. The cheap­est Bored Ape you could buy on April 29 was 152 ETH, or about $429,000 at the time.

Oth­er top col­lec­tions are falling today, as well. Mea­sured in USD, the Mutant Ape Yacht Club is down 22% to about $20,100 (14 ETH), Moon­birds are down 16% to about $23,250 (16.2 ETH), Doo­dles have shed near­ly 21% of floor val­ue to a cur­rent price of $11,650 (8.1 ETH), and Meebits are down 27% to $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 Cryp­toSlam’s list of top NFT projects. Some col­lec­tors may be tak­ing advan­tage of the “cheap ETH” and falling val­u­a­tions to snap up typ­i­cal­ly pricey NFTs at low­er-than-usu­al prices.

Over­all, accord­ing to the cryp­to ana­lyt­ics site, the NFT mar­ket has seen a 54% increase in trad­ing vol­ume over the past 24 hours com­pared to the pre­vi­ous 24-hour win­dow. The day’s sales total near­ly $39 mil­lion, which is sig­nif­i­cant­ly low­er than the dai­ly amount seen as recent­ly as ear­ly May, but is an improve­ment over recent dai­ly trad­ing vol­ume tallies.

The Bored Ape Yacht Club leads the list for trad­ing vol­ume over the past day, with $5.8 mil­lion worth of NFT sales. CryptoSlam’s top three is all Bored Ape-relat­ed: the Mutant Apes are sec­ond with over $2.8 mil­lion in NFT trades, with vir­tu­al land for the upcom­ing Oth­er­side meta­verse game in third at $2.3 mil­lion in trades.

An NFT serves as a deed of own­er­ship to an item, and they’re often used for dig­i­tal goods such as art­work, pro­file pic­tures, and sports and enter­tain­ment collectibles.

The NFT mar­ket surged to $25 bil­lion in trad­ing vol­ume in 2021, per data from Dap­pRadar, and is still on pace to top that tal­ly this year. Lead­ing mar­ket­place OpenSea actu­al­ly had its sin­gle best day just over one month ago, with $476 mil­lion in Ethereum NFT sales on May 1.

How­ev­er, NFT trad­ing vol­ume fell sharply ear­ly last month when cryp­to prices start­ed to suf­fer, and the NFT mar­ket has con­tin­ued to strug­gle since. Even so, Dap­pRadar recent­ly report­ed that the NFT mar­ket appears to be resilient—although the mar­ket uncer­tain­ty has also led to an array of nihilis­tic, exper­i­men­tal projects like Gob­lin­town and ShitBeast.

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