The NFT Market Is Crashing Alongside Crypto
The most recent crypto market selloff was accompanied by a dramatic decline in floor pricing for some of the largest NFT collections. The NFT market has suffered as a result of the recent crypto selloff.
The admission prices for several of the most expensive NFT collections have dropped along with Bitcoin and Ethereum, with some supplies losing more than 17% of their value.
The “floor price” refers to the most affordable item on the secondary market. It’s a well-known statistic for estimating the worth of NFT collections. Bored Ape Yacht Club NFTs’ floor price has dropped 12.57 percent in the previous 24 hours, falling from roughly 84 ETH to 73.43 ETH. Meanwhile, the floor price for Moonbirds, one of the year’s highlight collections, has dropped to 14.88 ETH, a 17.33 percent decrease. Surprisingly, CryptoPunks have fared relatively well, with the price of the cheapest Punks falling by only 2.67 percent.
Furthermore, as NFT specialist punk9058 noted earlier today on Twitter, OpenSea’s wrapped ETH (wETH) trading volume as a percentage of total turnover has reached a yearly high of 0.2 percent.
BAYC Exceeds $430k
The NFT market has suffered alongside the broader crypto market throughout the year. A few collections have withstood the downward trend at various points, with Bored Ape Yacht Club leading the way after exceeding $430,000 on May 1; however, the market has struggled to hold up in the latest slump. With a 73.43 ETH floor price and ETH trading around $1,260, the cheapest apes are currently around $92,450. It represents a 78.5 percent decrease from the peak.
Bitcoin has dropped to an 18-month low, trading below $23,000. The most expensive cryptocurrency has fallen by 15% in the last 24 hours, while Ethereum, the second most valued cryptocurrency, has dropped by 17%. Due to macroeconomic challenges and rising interest rates. But it gets even worse. On Monday, the market demonstrated a fundamental distrust of cryptocurrencies and the infrastructure that enable them. What was already a severe slump began to resemble panic selling.
Binance also took a break on Monday. Due to a blocked transaction that caused a backlog, the world’s largest cryptocurrency exchange halted bitcoin withdrawals for more than three hours.
