Blockchain News

NFT Markets Struggle as Top Collections Experience Steep Declines

The NFT market is currently facing a downturn, in stark contrast to the overall crypto market’s positive performance this year. Even some of the most popular NFT collections from last year are grappling with significant price drops. Recent data reveals the extent of the decline in value for these once-sought-after digital assets.

Renowned industry observer ‘HashBastards NFTs’ recently shed light on the plummeting prices of several top NFT collections. The Doodles collection, featuring artwork by “Burnt Toast,” has experienced a staggering 90% decline in its floor price, dropping from 23 ETH to a mere 2.3 ETH. At present, OpenSea reflects a floor price of approximately 2.169 ETH, equivalent to around $3,900.

Moonbirds, another prominent NFT collection, has witnessed a 94% decrease in its floor prices, plummeting from 32 ETH to 2.1 ETH. Similarly, Goblintown NFTs’ floor price has fallen to just 0.27 ETH, a significant drop from its previous value of 6 ETH. These collections have seen a considerable decline in sales volume as well, indicating the dwindling demand among NFT enthusiasts.

Invisible Friends, a collection of 5,000 animated invisible characters by Markus Magnusson, has seen an 85% decrease in floor prices, going from 8 ETH to 1.15 ETH. The sales volume for this collection, which amassed $68 million during its February 2022 launch, has plummeted to a mere $847,266 in April 2023.

CryptoSlam reports an overall decline of 84% in NFT sales volume from April 2022 to April 2023, signifying the widespread downturn in the market. Notably, the Blur marketplace witnessed significant NFT sell-offs, with individuals offloading large numbers of Doodles and MAYC NFTs.

However, amid this challenging landscape, the Bored Ape Yacht Club continues to shine as the top-selling NFT collection, with $43 million in volume over the past 30 days, according to Cryptoslam.

As the broader crypto market thrives, the NFT sector is currently grappling with a downward spiral. Even the most prominent NFT collections from last year have experienced substantial price drops and declining sales volume. However, the resilience of collections like the Bored Ape Yacht Club demonstrates that select NFTs still retain their appeal to investors and collectors in this challenging market climate.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.