NFT Floor Prices Plummet Amid Crypto Carnage

Monday marked another day of sell-off in the crypto realm, consequently, NFT collections are also feeling the heat.
NFT Floor Prices Plummet Amid Crypto Carnage

With Bitcoin shedding 16% and Ethereum 18% off the previous day’s closing price, prices of NFT collections are quickly following suit.

Floor prices of popular NFT collectibles, Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and CryptoPunks, fell 31%, 27%, and 16%, respectively on Monday. 

Over the past week, the floor prices have decreased by 45%, 45%, and 31%, respectively. As a result, the average price of the collections is also down by almost similar amounts. 

The floor price is the lowest price one must pay to acquire an NFT within the collection. It has become a widely used metric to determine the performance of an NFT collection. 

Although the floor prices are battered by the market downturn, NFT trading volumes have surprisingly gone up by almost 54% over the previous week. This may be a sign of accumulation as prices start appearing cheap.

You can snap a Bored Ape for only 72 ETH today, priced as high as 150 ETH in April. 

According to Cryptoslam, the NFT analytics site, last day’s total NFT sales stand at $39 million, a huge drop from the May highs but an improvement over the previous few days. 

The top three collections by sales volumes are all by Yuga Labs. First in the rankings is BAYC with 5.8 million worth of NFT sales, followed by the Mutant Apes ($2.8 million sales) and Otherside, the company’s metaverse project, holds the third spot with $2.3 million in sales. 

OpenSea, the leading marketplace for NFTs, had its highest ever sales day of about $476 million just over a month ago on May 1. However, trading volumes fell sharply afterwards due to market uncertainty. 

Inflation and rising interest rates are understood to be the key factors behind the downturn of the overall crypto market. 

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James Satoshi
James Satoshi
James is a leader in Web3, NFTs, & DeFi. You'll spot him covering all topics through-out Coinmash - some say he's so good he doesn't even seem real.