While the crypto economy has dropped considerably in value during the last few weeks, seven-day statistics indicate non-fungible token (NFT) sales are down 17.32% lower than last week. Data also shows NFT floor values have tumbled a great deal during the past month as some of the most popular NFTs are selling for a lot less these days.
The Once-Bubbly NFT Industry Faces Its First Crypto Bear Market, Interest in Non-Fungible Tokens Is Down and Sales Slip
NFTs have made their mark over the past 12 months, garnering billions of dollars in sales, but the NFT trend is currently experiencing its first crypto bear market. Market carnage over the past few weeks has weighed on NFT sales and the higher prices of some of the most popular collections.
Interest in non-fungible tokens has waned as the search query “NFT” has dropped significantly according to Google Trends (GT) data. During the week of January 16-22, worldwide GT data for the search term “NFT” hit the top score of 100, but this week the search query term is 25.
While NFTs are still selling, weekly sales are down 17.32% from the previous week and NFT sales measured last week are down 64% from the previous week. It’s safe to say looking at market metrics, the Terra LUNA and UST fiasco has also impacted the NFT space.
Last week a great number of blue-chip NFT collections saw floor values drop and today the values are much lower. Moreover, a few popular NFT collections reached all-time highs in terms of floor values just 34 days ago, and current statistics show they now sell for a lot less.
Bored Apes, Proof Collective and Cryptopunks are selling for less than half of what they sold last month
On April 23, 2022, the NFT collection called Proof Collective had a floor value of around 129 ether and at that time, a single ethereum was trading hands for $2,950 per unit. This means that 34 days ago the cheapest Proof Collective NFT was around $380,000.
On that same day, Bored Ape Yacht Club’s (BAYC) floor value was approximately 123 ETH or $362K using ether exchange rates that day. The least expensive Cryptopunks NFT had a price tag of around 59 ether on April 23, which was around $174K back then.
Today, the Proof Collective NFT collection has a floor value of around 75 ether, and using ETH values recorded on May 27, the cheapest Proof Collective NFT today sells for $130,000. The BAYC collection floor is $153,000 on Friday or 87.98 ETH and the Cryptopunks NFT floor is 46.5 ETH or $80,000.
34 days ago, Bored Ape Chemistry Club NFTs had a floor of around 45 ether and today, the lowest value is 39.5 ether. Similarly, Mutant Ape Yacht Club (MAYC) NFTs had a floor value of 33 ETH a month ago and today the lowest is 17.2 ether.
The Otherdeed NFT Collection currently commands the top sellers in terms of all NFT Collection sales last week. Otherdeed’s sales were $23 million over the past seven days, but sales are down 14.52% from last week. A particular NFT collection called Goblintown, recorded $21.9 million in sales and jumped 1,744,444% more than last week in sales volume.
The top three most expensive NFTs sold this week stemmed from the Otherdeed NFT collection. Bored Ape #2664 was the fourth most expensive NFT sold at 199.99 ether ($390K) two days ago, and Cryptopunk #3764 was the fifth most expensive as it sold for 190 ether ($389K) four days ago.
In addition to the three most expensive NFT collections by floor value, collections of non-fungible tokens like Clonex, Doodles, Azuki, Veefriends, Bored Ape Kennel Club, and more have all seen their floor values drop much lower. that the values recorded 34 days ago, April 23.
