Tuesday, February 7, 2023

NFT Floor Prices Drop Amid Crypto Crash, Sales Are On The Rise

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NFT floor prices drop amid the recent crypto crash but the sales are on the rise so let’s read more today in our latest altcoin news today.

Bored Apes, Moonbirds, and other NFTs lost quite a bit of value but the sales are up as the buyers seem to be snagging up the bargain. The crypto market is down today with a 14% drop in overall value in the past day and 16% loss for BTC as well as an 18% loss for ETH. NFT floor prices drop as collections are feeling the hurt of the crypto marekt in part to the falling ETH price but the FNT trading volume increased sharply in the past day to 54% suggesting that collectors are taking advantage of the lower prices. The popular BAYC NFT saw its floor price listed on the secondary marketplace drop to $107,000 and representing a 16% drop in the last day when measured in US dollars.

The damage is not as bad when measured in ETH. The BAYC price floor dropped by 11% to 74.5 ETH still the project lost a huge amount of value in the past month. The cheapest Bored Ape you can buy was 152 ETH or $429,000 at the time. Other top collections are falling today and when measured in USD, the Mutant Ape Yacht Club is down 22% to $20,100. Moonbirds are down 16% to $23,250 and Doodles already shared about 21% of the floor price to a value of $11,650.

Bored Ape ETH NFT, price, bayc, ethereum, yuga
Bored Apes

While it is pretty much all red on the NFT price floor list, it is the opposite volume on the CryptoSlam list of the top NFT projects. Some collectors could be taking advantage of the cheap ETH and dropping valuations to gather some expensive NFTs at a lower price. Overall, the crypto analytics sites show that there was a 54% increase in trading volume in the past day, compared to the previous 24-hour window. The day’s sales are set at $39 million which is lower than the daily amount seen but it is still an improvement from the past trading volume tallies.

The bored ape yacht club leads the list for the trading volume in the past day with $5.8 million worth of NFT sales. An NFT serves as a deed of ownership to an idem and they are often used for digital goods like artwork, profile pictures, and sports. The market surged to $25 billion in trade volume and it is on pace to top this number. OpenSea had its single best day a month ago with $476 million in ETH NFT sales on May 1. The NFT trading volume dropped last month when the prices started suffering and the market continued struggling ever since. DappRadar reported that the NFT markets seem to be resilient but the market uncertainty led to an array of projects like ShitBeast and Goblin-town.


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