The NFT market has been facing a significant downturn, with prices of popular collections plummeting. One notable collection, the Bored Ape Yacht Club (BAYC), has experienced a sharp decline, reaching a two-year low. This article delves into the recent crash in NFT prices and its impact on various collections.
BAYC and MAYC Prices
The floor price for Bored Ape NFTs has dropped to just over $52,000 worth of Ethereum, marking an 88% decline from its peak in April 2022.
Similarly, the Mutant Ape Yacht Club, a follow-up to the BAYC, has seen its floor price dip by 32% over the past week. It fell to around 4.7 ETH, equivalent to about $9,100, which is the lowest value ever tracked by NFT Price Floor since the project’s debut.
Azuki and Beanz NFT Collections
The NFT market downturn has affected other collections as well. Azuki’s namesake anime NFT collection has experienced a significant price sink of 59% over the past week, with its floor price hovering around 6 ETH (approximately $11,785). Additionally, the floor price for Beanz, another collection from Azuki creator Chiru Labs, has plummeted by 77%, reaching 0.4 ETH (approximately $785).
Stability of CryptoPunks
In contrast to other collections, CryptoPunks has shown relative stability during this market downturn. Despite a 14% decline in its floor price over the past week, CryptoPunks remains culturally significant in the Web3 space. It is considered valuable without the need for added “utility” or features for holders.
Factors Contributing to the NFT Market Downturn:
Industry experts attribute the recent wave of “panic selling” in the NFT market to various factors. Traders on Blur, a platform that rewards trading activity, have exacerbated the market downturn. This increased trading activity has added to the downward pressure on NFT prices, leading to further declines.
The NFT market is currently experiencing a substantial downturn, with prominent collections like the Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, and Beanz suffering significant price declines. However, CryptoPunks stands out as a collection that has shown relative stability.
The impact of panic selling and trading rewards on platforms like Blur has contributed to the downward pressure on NFT prices. It remains to be seen how the market will evolve and whether it can recover from this period of decline. As the NFT market continues to mature, market participants will closely monitor these price movements and adapt their strategies accordingly.
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