NFT Floor Prices Plunging Amid Ongoing Crypto Market Pandemonium
The crypto markets has plunged by 14% over the past 24 hours, including the double whammy of Ethereum’s loss of 18% and Bitcon’s dip by 16% while NFT sales are also suffering from the crypto market crash but primarily because of ETH prices plummeting. On a lighter note, NFT trading volume has incremented over the 24 hours by 54%, which is an excellent opportunity for collectors to hoard prized NFT collections. The prices of high-end and popular nonfungible token collections like Bored Ape Yacht Club have also plunged; its lowest NFT floor price dropped by as much as 16%, or $107,000. The....
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This week’s market-wide correction lead to a sharp decline in NFT sales as decreased demand for digital collectibles led to a drop in the floor price of most major projects. The nonfungible token (NFT) sector has seen an explosion of interest all throughout 2021 and the month of August witnessed record-breaking trading volumes as one-of-a-kind digital collectibles sold for prices in excess of $1 million dollars on a regular basis. As is usually the case in the cryptocurrency ecosystem, hot sectors can cool down in the span of mere hours or days and this appears to be the case for the NFT....
Eight of the top 10 NFT projects have posted at least a 115% increase in 24-hour trading volume as the floor prices of many top NFT collections tumble. NFT trading volume has surged over the past 24 hours as crypto markets tank taking floor prices of many top NFT collections along with it.A long list of top NFT projects such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Crypto Punks, and Sorare have all seen more than 100% increases in 24-hour trading volumes as investors look to snap up cheaper NFTs as floor prices tumble.According to data from CryptoSlam, eight of the top....
An ongoing debt crisis at lending platform BendDAO is also increasing the risks of the NFT bubble going bust. OpenSea, the world's largest nonfungible token (NFT) marketplace, has witnessed a substantial drop in daily volumes as fears about a potential market bubble grow.OpenSea volume plummets to yearly lowsNotably, the marketplace processed nearly $5 million worth of NFT transactions on Aug. 28 — approximately 99% lower than its record high of $405.75 million on May 1, according to DappRadar.OpenSea users, volume, and transactions statistics. Source: DappRadarThe massive declines in....