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The crypto and NFT market are down today, with a 14 percent reduction in overall value over the last 24 hours, with Bitcoin down 16 percent and Ethereum down 18 percent.
The battered crypto market is also wreaking havoc on NFT collections, thanks in part to the decreasing ETH price. However, NFT trading activity has grown substantially in the last 24 hours, up 54% from the prior period, indicating that collectors may be taking advantage of decreased prices.
According to statistics from NFT Price Floor, the popular Bored Ape Yacht Club has seen its floor price plummet to roughly $91643, a 16 percent decrease in the last day.
Other top NFT collections have also taken a hit
Other high-end collections are also sliding today. The Mutant Ape Yacht Club has dropped 22% to around $20,100 (14 ETH), Moonbirds have down 16% to around $23,250 (16.2 ETH), Doodles have lost roughly 21% of their floor value to around $11,485 (9.4 ETH), and Meebits have dropped 27% to $4,050154. (3.4 ETH).
While the Non Fungible token floor price list is mostly red today, trading volume on CryptoSlam’s list of top NFT projects is the polar opposite. Some collectors may be taking advantage of “cheap ETH” and decreasing valuations to purchase normally expensive NFTs at lower-than-normal prices.
According to DappRadar statistics, the Non Fungible token market reached $25 billion in trade volume in 2021 and is on track to surpass that figure this year. OpenSea, the leading marketplace, had its single biggest day just over a month ago when it sold $476 million in Ethereum NFTs on May 1.
However, early last month, when crypto values began to fall, Non Fungible token trading volume plummeted, and the Non Fungible token market has been struggling ever since.
Despite this, DappRadar recently revealed that the Non Fungible token market looks to be resilient despite the fact that market instability has resulted in a slew of nihilistic, experimental enterprises such as Goblintown and ShitBeast.