Losses in the NFT Market Exceed Ether’s Decline
According to Nansen.ai data, several well-known non-fungible tokens (NFTs) have experienced significant declines in their floor prices. NFTs are a type of crypto asset that provide ownership over a real or digital asset. The floor price represents the minimum price a seller wants for an item in a collection and can indicate its popularity and value. However, this metric is not always an accurate representation of an NFT’s true market value, as rarity traits and market conditions can influence prices.
Key Points:
– The Bored Ape Yacht Club collection’s floor price has dropped by 27%.
– DeGods has seen a decline of 55% in its floor price.
– Azuki, which sold out its ‘Elementals’ NFT mint in 15 minutes, experienced a 36% decrease in floor prices.
– The Nansen NFT-500 index is down 40% year-to-date, and the Blue Chip 10 index is down 33%.
– NFT values have dropped faster than the decline of ether, which is down 9.6% on-month.
Despite these losses, there are some lesser-known collections that have seen gains. Miladays’ floor price has risen by 66%, nearing the Mutant Ape Yacht Club. Sproto Gremlins, popular among bitcoin HODLers, has surged 262% in the last 30 days.
Hot Take:
The NFT market has experienced significant declines in floor prices, surpassing the decline of ether. While some well-known collections have suffered losses, there are also opportunities for lesser-known collections to thrive. The volatility and fluctuating nature of the NFT market highlight the importance of considering factors beyond floor prices when evaluating the value of NFTs.
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