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
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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. ?
