The crypto markets are down 14% in the past 24 hours, including the double whammy of Ethereum’s 18% loss and Bitcoin’s 16% drop. The selling of NFTs has also suffered from the crypto market crash, but mainly due to the drop in ETH prices.
On a lighter note, NFT trading volume has increased by 54% in 24 hours, making it an excellent opportunity for collectors to accumulate prized NFT collections.
The prices of high-end and popular non-fungible token collections such as Rugged Ape Yacht Club have also dropped; Its lowest NFT floor price dropped 16% or as low as $107,000. The board app floor price is down 11%, or about 74.5 ETH.
Nevertheless, the project has been depreciated since May. On April 29th, the cheapest Bor app you can buy is NFT for 152 ETH or $429,000. You will see a huge difference in the numbers.
Crypto Winter: Total Market Cap Dropped to $1 Trillion
The total market cap of all cryptocurrencies fell to $969 billion on Monday. And NFT collections are following suit.
The more popular blue-chip non-fungible token collections are crashing such as Doodle down 21% or the current floor price of 8.1 ETH or the equivalent of $11,650, Mutant Ape Yacht Club lost 22% or 14 ETH to around $20,100 There is MeBits which toggles down 27% or a minimum price of 2.8 ETH which is around $4.050, and Moonbirds which is spiraling down 16% which is around 16.2 ETH or $23,250.
BTC total market cap at $429 billion on the daily chart | Source: TradingView.com
Reading Tips | Dogecoin Dropped 91% of Its Value Since 2021 – A Musk Tweet to Pump up DOGE?
NFT Floor Price Drawns; Trading volume increases
While the NFT floor price is peaking, the trading volume is increasing. Many collectors are taking advantage of the fall in ETH prices to grab blue-chip NFT collections at a lower cost.
The total non-fungible token sale now stands at $39 million, which may sound less than the sale at the beginning of May, but it is a significant improvement over the past days. The NFT market is up a notable 54% in terms of trading volume in the last 24 hours.
Trading volumes stood at $25 billion in 2021, marking a huge improvement over this year’s figures. And the number may increase in the coming days as well. OpenSea NFT sales rise to $476 million. The irreplaceable token market now appears stronger than ever, despite the crypto struggles and uncertainty.
Reading Tips | Ether falls below $1,400, hit by US inflation and difficulty bomb shock
Featured image from Blockworks, chart from TradingView.com