Non-fungible token (NFT) investors have entered what appears to be a bear market as a result of the recent chaos which is ultimately impacting the morale of the cryptocurrency community.
Data from NFT Price Floor reveals that the average 30-day price floors of NFTs have declined by approximately 50% from a little over 40 towards the end of April to currently stand at 20.18. Transaction volumes have also declined significantly in the space.
The recent declines in NFT prices are as a result of factors including the United States Federal Reserve’s raised interest rates, Terra’s LUNA and UST-based platforms collapsed and traders coming to terms with the reality that the entire sector could be in a bear market.
What you should know
- Week after week, most blue-chip tier NFTs maintained their position in the top 10 in total sales volume despite some floor prices dropping nearly 25% in the last seven days.
- Notably, prestigious NFTs like the Yuga Labs’ Otherdeed NFTs, Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) have all seen a decrease in their floor price.
- BAYC, for example, has since recovered from a dip in floor price after the Otherdeed launch and has seen a minimal 3% decrease in the last seven days. MAYC has seen nearly a 13% decrease in floor price in the last seven days.
- MAYC has been on quite a ride, falling drastically from its peak at 41.2 Ether (ETH) to $120,386 at the time. Currently, MAYC is valued at 19.6 Ether, an approximate 53% discount since MAYC’s pump was largely due to their eligibility to claim Yuga Labs’ Otherside’s Otherdeed NFT.
- Despite all of the uproar and controversy surrounding the Otherdeed NFT drop, the project remains at the top of the charts in total volume even after a 75% drop over the last seven days.
- The functionality of these digital lands is still unclear and Otherdeed has seen its floor price in a consistent downward trend. In the last seven days, the floor price decreased by 1.2%, and since…
