The NFT Market Witnesses Significant Drop in Sales and Floor Prices
The NFT market has experienced a continuous decline in sales since early 2022, leading to a significant drop in floor prices for top NFT collections. According to CoinGecko, the floor prices of Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) have decreased by 21% and 27% respectively in the past week. BAYC collectibles now start at 24.5 Ethereum (ETH), equivalent to approximately $41,060.
Main Breakdowns:
- The floor prices of BAYC and MAYC have dropped by 21% and 27% respectively.
- Other collections including Azuki, Moonbirds, Cool Cats, Doodles, Azuki Elementals, DeGods, Pudgy Penguins, and CryptoPunks have also experienced significant declines in floor prices.
- CryptoSlam reports an increase of 2.89% in NFT sales over the past 24 hours, reaching a total of $13.51 million from 345,911 transactions.
- The global annual NFT sales decreased from $23.5 billion on Jan. 1, 2022, to $5.5 billion on Jan. 1, 2023.
- Most of the all-time NFT sales have occurred on the OpenSea marketplace, totaling nearly $36 billion.
This decline in the NFT market comes amidst recent news of a former OpenSea executive, Nathanial ‘Nate’ Chastain, being charged with insider trading and money laundering. Chastain has been sentenced to three months in jail and is required to return the assets obtained through these activities.
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