SNEAK PEEK
- Blue-chip NFT collections are currently about 25% less expensive than they were a few weeks ago due to the declining value of ETH.
- The 10 best-selling NFT collections’ floor prices have decreased by more than 25% as of late.
- The recent decline has sparked a purchasing frenzy as many consumers look to score deals. In the last seven days, the market’s activity has caused the sales of numerous digital collectibles to rise.
The battered cryptocurrency market is hurting NFT collections as well, in part because of the declining ETH price. Unexpectedly, though, NFT trading volume has decreased significantly over the past 24 hours from the prior period, indicating that collectors may be profiting from cheaper prices.
Examples of NFT collections from Yuga Labs that have lost more than 30% in the last seven days include the Bared Ape Yacht Club and Mutant Ape Yacht Club. It’s interesting to note that throughout the same time frame, sales of the BAYC and MAYC NFT collections increased by respectively more than 200% and 100%.
Another NFT collection from Yuga Labs’ metaverse project Otherside, Otherdeed, has had a 41% decrease during the last week. The three Yuga collections have accumulated more than $20 million in trading volume during the same time period despite the market activity.
Another non-fungible token project that saw large gains during the current market crash is the Art Block marketplace. Since its launch, the NFT market has garnered $1.3 million in NFT trading volume, ranking fifth overall on DappRadar.
How much are supposedly “blue chip” NFT collections plummeting with the decline in the cryptocurrency market? Additionally, on the Art Block NFT collections, the third, eighth, and eleventh most valuable NFTs were traded last week. The most valuable NFT, Fidenza #214, sold for $320,000, while Fidenza #369 and Fidenza #105 went for respectively $158,000 and $143,000.
