While the value of the crypto-economy has fallen significantly over the past few weeks, seven-day stats indicate that sales of non-fungible tokens (NFTs) are down 17.32% from last week. The data also shows that the bottom values of NFTs have dropped a lot over the past month as some of the most popular NFTs are selling much less these days.
Once-bubbly NFT industry faces its first crypto bear market, interest in non-fungible tokens dips and sales slip
NFTs have made their mark over the past 12 months, garnering billions of dollars in sales, but the NFT trend is currently experiencing its first crypto bear market. The market carnage over the past few weeks has weighed on NFT sales and the higher prices of some of the most popular collections.
Interest in non-fungible tokens has declined as the search query “NFT” has dropped significantly according to data from Google Trends (GT). During the week of January 16-22, the global GT data for the search term “NFT” reached a high score of 100, but this week the search query term is at 25.
While NFTs are still selling, weekly sales are down 17.32% from the previous week and NFT sales measured last week are down 64% from the previous week. It’s safe to say looking at market metrics, the Terra LUNA and UST fiasco has also impacted the NFT space.
Over the past week, a large number of top-notch NFT collections have seen their bottom values drop and today the values are much lower. Additionally, a few popular NFT collections hit all-time highs in low values just 34 days ago, and current stats show they are now selling for much less.
Bored Apes, Proof Collective and Cryptopunks are selling for less than half of what they sold last month
On April 23, 2022, the NFT collection called Proof Collective had a floor value of around 129 ether and at that time, a single ethereum was trading hands for $2,950 per unit. This means that 34 days ago the cheapest Proof Collective NFT was around $380,000.
On the same day, the floor value of the Bored Ape Yacht Club (BAYC) was around 123 ETH or $362,000 using Ether exchange rates on that day. The cheapest Cryptopunks NFT had a price of around 59 ether on April 23, or around $174,000 at the time.
Today, the Proof Collective NFT collection has a floor value of around 75 ether, and using ETH values recorded on May 27, the cheapest Proof Collective NFT today sells for $130,000. The BAYC collection floor is $153,000 on Friday or 87.98 ETH and the Cryptopunks NFT floor is 46.5 ETH or $80,000.
34 days ago the Bored Ape Chemistry Club NFTs had a floor of around 45 ethers and today the lowest value is 39.5 ethers. Similarly, Mutant Ape Yacht Club (MAYC) NFTs had a bottom value of 33 ETH a month ago and today the lowest value is 17.2 ether.
The Otherdeed NFT Collection currently commands the top sellers in terms of all NFT Collection sales last week. Otherdeed’s sales were $23 million over the past seven days, but sales are down 14.52% from last week. A particular NFT collection called Goblintown, recorded $21.9 million in sales and jumped 1,744,444% more than last week in sales volume.
The three most expensive NFTs sold this week were from the Otherdeed NFT collection. Bored Ape #2664 was the fourth most expensive NFT selling for 199.99 ether ($390,000) two days ago, and Cryptopunk #3764 was the fifth most expensive as it sold for 190 ether ($389,000). $) four days ago.
In addition to the three most expensive NFT collections by floor value, collections of non-fungible tokens like Clonex, Doodles, Azuki, Veefriends, Bored Ape Kennel Club, and more have all seen their floor values drop much lower. that the values recorded 34 days ago, April 23.
What do you think of NFT sales plummeting and top-notch NFT collections seeing their floor values drop? How do you view the NFT industry in a crypto bear market? Let us know what you think about this topic in the comments section below.
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