Despite the significant decline in the value of the crypto economy over the past few weeks, 7-day statistics show that sales of non-fungible tokens (NFTs) are down 17.32% from last week. The data also shows that NFTs’ floor prices have dropped significantly over the past month, as some of the most popular NFTs are now selling for much less.
Once-frothy NFT industry faces first crypto bear market, non-fungible token interest drops, sales slump
NFTs have been successful in the past 12 months with billions of dollars in sales, but the NFT trend is currently experiencing its first Crypto Bear MarketThe market carnage of the past few weeks has taken a toll on NFT sales and penthouse prices for some of the most popular collectibles.
According to Google Trends (GT) data, interest in non-fungible tokens has waned as the search query “NFT” has dropped significantly. During the week of January 16-22, Global GT Data The top score for the search term “NFT” was 100, but this week’s search query term was 25.
While NFTs are still selling, weekly sales are down 17.32% from the previous week, Measuring NFT sales Last week was down 64% from the previous week. By looking at market indicators it is safe to say, Terra LUNA and UST fiasco Also affects the NFT space.
The reserve price of a large collection of blue-chip NFTs dropped last week, and today’s value is much lower. Additionally, some popular NFT collectibles had their all-time high reserve prices just 34 days ago, and current statistics show they are now selling for much less.
Bored Apes, Proof Collective and Cryptopunks are on sale for less than half of what they sold last month
On April 23, 2022, the reserve price for a collection of NFTs called Proof Collective is approximately 129 ether At the time, a single ETH changed hands at $2,950 per unit. This means that 34 days ago, the cheapest Proof Collective NFT was around $380,000.
On the same day, the floor value of the Boring Ape Yacht Club (BAYC) was about 123 Ethereum Or $362K, using today’s ETH exchange rate. The cheapest Cryptopunks NFT was priced at around 59 ETH on April 23, when it was around $174,000.
Today, Proof Collective NFTs have a floor value of around 75 ETH and use Ethereum For the value recorded on May 27, the cheapest Proof Collective NFT sold today for $130,000. The BAYC Collection has a floor price of $153K or 87.98 on Friday Ethereum Cryptopunks NFT bottom line is 46.5 Ethereum or $80,000.
34 days ago, the lower limit of the Bored Ape Chemistry Club NFT was around 45 ETH, and today, the minimum value is 39.5 ETH. Similarly, Mutant Ape Yacht Club (MAYC) NFT has a reserve price of 33 Ethereum The lowest was 17.2 ETH a month ago and today.
This other behavior NFT collectibles currently have the highest sales of all NFT collectible sales in the past week. Other covenant sales for the last seven days were $23 million, but sales were down 14.52% from last week.A specific set of NFTs is called goblin townRecord Sales were $21.9 million, up 1,744,444% from last week.
The top three most expensive NFTs sold this week were from the Otherdeed NFT series. Bored Ape #2664 was the fourth most expensive NFT sold two days ago for 199.99 ETH ($390,000), and Cypherpunk #3764 It was sold for 190 ETH ($389,000) four days ago, placing it in fifth place.
In addition to the top three most expensive NFT collectibles by reserve price, non-fungible token collectibles such as Clonex, Doodles, Azuki, Veefriends, Bored Ape Kennel Club all have reserve prices much lower than recorded values 34 days ago April 23rd.
What do you think of the decline in NFT sales and blue chip NFT collections seeing their reserve prices drop? How do you see the NFT industry performing in a crypto bear market? Let us know what you think about this topic in the comments section below.
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