The NFT Market Slump: What’s Been Happening in Recent Weeks
The non-fungible token (NFT) market has recently experienced a significant drop in floor prices, with many blue-chip NFTs plummeting more than 25%. This slump began in June and has left some collections shielding more than 70% of their floor price.
Key Points:
- Many “Blue-Chip” NFTs have seen their floor price drop by more than 25%.
- Azuki’s NFTs, particularly their Elementals collection, have been on a continued decline.
- The market downturn began in June after the release of the Azuki Elementals collection, which disappointed investors.
- OpenSea’s recent decision to change its creator royalty policy has caused further market instability.
- The global NFT market has seen a 40% drop in trading sales volume in the past 30 days.
Hot Take:
Despite the recent slump, there are still NFT collections that are bucking the downward trend. Milady Maker and Sproto Gremlins have seen significant increases in their floor prices, suggesting that there is still potential for a future NFT bull run.
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