In the last 24 hours, cryptocurrencies as a whole have lost 14 percent of their value. Bitcoin has lost 16 percent and Ethereum has lost 18 percent. Recently, the price of cryptocurrencies on the market has gone down a lot.
Even though the cryptocurrency market is getting worse, NFT collections are also getting worse, in part because the price of ether is going down. But it’s strange with this Official trading platform the number of trades in NFT has grown by 54% in the last 24 hours compared to the same time period the day before. This could mean that collectors are buying when prices are low.
How much more will the current state of the cryptocurrency market cause so-called “blue chip” NFT collections to fall? According to data from NFT Price Floor, the floor price of the popular Bored Ape Yacht Club has dropped to almost $107,000.
In U.S. dollars, this is a drop of 16% from the day before. The floor price is the price at which an NFT can be bought on a secondary market for the least amount of money.
When you look at it in terms of ETH, the loss doesn’t seem as bad. The price floor for Bored Ape has dropped by about 11% and is now around 74.5 ETH. Still, the project has lost a lot of its value in the last month and a half.
On April 29, you could buy a Bored Ape for as little as 152 ETH, which at the time was worth about $429,000. Even though the prices of cryptocurrencies all over the world keep going down, the NFT market is still pretty stable.
According to the crypto analytics site, the amount of trading on the NFT market has grown by 54% in the last 24 hours. About $39 million was made in sales today, which is much less than what was made in a single day at the start of May but more than what was made in the past.
The Bored Ape Yacht Club is now at the top of the list for trading volume because it sold $5.8 million worth of NFTs in the last 24 hours. The three most-traded items on CryptoSlam are all related to Bored Ape in some way.
The Mutant Apes are in second place with over $2.8 million in NFT transactions, and virtual land for the future is in third place. With $2.3 million in trades, the Otherside metaverse game is in third place.
An NFT is the same as the name of something. They are often used for digital products like works of art, profile pictures, and collectibles in the sports and entertainment industries.
DappRadar says that trading on the NFT market shot up to $25 billion in 2021 and is still on track to pass that number this year. A little more than a month ago, on May 1, the biggest market, OpenSea, sold $476 million worth of Ethereum NFTs in a single day.But when crypto prices started going down at the start of the month before, a lot fewer NFTs were traded, and the NFT market has been struggling ever since.
Bitcoin is the digital currency that most people use. Its price dropped today to $20,946, which is the lowest it has been in 18 months. Right now, the value of every cryptocurrency is falling, and this is likely to continue.
The same thing is happening in areas with non-fungible tokens (NFT), where sales keep going down and people stop going to NFT markets.
The number of NFT sales has dropped by 150 percent since April, according to the CryptoSlam NFT tracker. An NFT was worth $589 in April, which is 67% less than it is now. It is now worth $192. This means that, on average, the cost of an NFT has gone down. The number of transactions in the NFT area went down a lot, from 62 lakh to 27 lakh.
The trade prices for the Bored Ape Yacht Club (BAYC) NFT collection are now less than $100,000 for the first time since August 2021. In May, each BAYC NFT sold for $200,000. Since then, the floor price has gone down by 100 times, to where it is now.
During this time, sales of NFT fell to $4.6 billion in January, which was a big drop. By the end of March, sales of non-financial derivatives (NFTs) reached $2.44 billion, which is a drop of 53 percent. Statistics show that the number of unique buyers went down from 9.98 lakhs in January to 6.4 lakhs in March to 3.81 lakhs in April. This means that there are 66.5 percent fewer unique buyers.