NFT Market is Hit by Crypto Meltdown
NFT Market is in Panic Mode
In the most recent crypto selloff, the NFT market took a blow. Many of the most important NFT collections have seen their floor prices plummet along with Bitcoins, Ethereum, and some collections saw their entry prices drop by more than 20%. The “floor price” refers to the cheapest piece available on the secondary market. It’s a popular metric for determining the value of NFT collections. According to NFTGo data for Bored Ape Yacht Club NFTs, the floor price fell 12.57% in 24 hours. It dropped from 84 ETH up to 73.43 ETH. The floor price of Moonbirds, one the most popular collections of the year has fallen to 14.88 ETH. This is 17.33% less than the previous 24 hours. CryptoPunks is remarkably unaffected, with the lowest priced Punks selling for only 2.67 percent. Punk9058 is a specialist in NFT. pointed outFollow us on TwitterOpenSea saw its wrapped Ethereum (wETH) trading volume in relation to total volume hit a yearly high of 0.2% today. wETH trades often occur when sellers are willing to accept low bids on assets. This could indicate that holders might have sold in panic during the weekend downturn in order to get liquidity. The NFT market has suffered along with the wider crypto market this year. Although a few collections have managed to defy the downward trend at different points (Bored Ape Yacht Club being the most notable after it reached $430,000 on May 1), the market has failed to recover from the latest crash. The cheapest apes now sell for $92,450 at a 73.43 ETH price floor, with ETH trading around $1,260. That’s a 78.5% drop from the peak.