BAYC & Pudgy Penguins: NFT Market Takes a Dive 📉🐧

Price Floor of Top NFT Collections Plummet, Except NodeMonkes

The price floor of most of the top five NFT (non-fungible token) collections by market capitalization has experienced a significant drop in value over the past week, according to CoinGecko data. Here are the key points:

Bored Ape Yacht Club’s price floor has dropped by 37% in the past seven days.
Froganas has experienced a 5% drop in its price floor.
Mutant Ape Yacht Club’s price floor has plummeted by 42%.
Pudgy Penguins’ price floor has decreased by 24%.
NodeMonkes, an NFT collection on the Bitcoin blockchain, stands out positively with a gain of 65% in the same period.

Monthly Ethereum NFT Volume Decreases

Most of the top five NFT collections minted on the Ethereum blockchain have also suffered significant declines in their floor prices. Additional details include:

Monthly trading volume on Ethereum-based NFT marketplaces has been decreasing since the beginning of the year.
In February, the total trading volume was $786 million, a drop of over 10% from January’s $868 million.
As of now, the trading volume for March is at a low of $397 million.

Monthly NFT Marketplace Revenue Declines

The monthly revenue of NFT marketplaces, including OpenSea, X2Y2, and LooksRare, has also seen a decline. Here are the details:

In December, the combined revenue for these marketplaces was $3.43 million.
In January, there was a sharp decline, and the revenue dropped to $1.67 million, representing a 51% decrease.

Monthly Number of Trades on Ethereum NFT Marketplaces

The monthly number of trades on NFT marketplaces on Ethereum has also declined since January. Additional details include:

In January, there were over 627,000 NFT trades.
In February, the number dropped to 536,000.
As of now, the total number of NFT trades for March is at a low of 160,000.

Hot Take: NFT Market Experiences Price Floor Drops and Declining Volume

The recent price floor drops in top NFT collections and the declining trading volume on Ethereum-based NFT marketplaces indicate a potential cooling-off period for the NFT market. Here’s what you need to know:

The price floors of major NFT collections such as Bored Ape Yacht Club and Mutant Ape Yacht Club have plummeted in value.
NodeMonkes, an NFT collection on the Bitcoin blockchain, stands out positively with a significant gain in price.
Monthly trading volume and revenue on Ethereum-based NFT marketplaces have been decreasing since December.
The number of NFT trades has also declined, indicating a potential decrease in interest and activity within the market.

While it’s important to note that the NFT market is still relatively new and evolving, these recent trends suggest a potential shift in investor sentiment and demand. As with any investment, it’s crucial to stay informed and monitor market conditions before making any decisions. 📉