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 Bored Ape floor price plummeted by 11%, or roughly 74.5 ETH.

Nevertheless, the project has depreciated since May. On April 29, you can buy the cheapest Bored Ape NFT at 152 ETH or a whopping $429,000. You’ll see the enormous difference in the numbers.

Crypto Winter: Total Market Cap Drops By $1 Trillion

The total market cap of all cryptocurrencies has dropped to as much as $969 billion on Monday. And NFT collections are following suit.

More popular blue-chip nonfungible token collections are crashing like Doodles dropping by 21% or a current floor price of 8.1 ETH or equivalent to $11,650, Mutant Ape Yacht Club decreased by 22% or 14 ETH which is around $20,100, Meebits that toggled down by 27% or a floor price of 2.8 ETH which is about $4.050, and Moonbirds that spiraled down by 16% which is about 16.2 ETH or $23,250.

BTC total market cap at $429 billion on the daily chart | Source: TradingView.com

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NFT Floor Price Drowns; Trading Volume Escalates

While the NFT floor price is in the hock, trading volume is increasing. Many collectors are taking advantage of falling ETH prices to grab blue-chip NFT collections at lower price tags.

Total nonfungible token sales are now at $39 million, which may seem lower than the sales in early May, but it’s a significant improvement compared to the previous days. NFT market has risen remarkably by 54% in terms of trading volume over the past 24 hours.

Trading volume in 2021 was at $25 billion, making this year’s stats a massive improvement. And the numbers can still increase in the following days. OpenSea NFT sales spiked to as much as $476 million. The nonfungible token market appears to be more robust now than ever despite the crypto struggles and uncertainty.

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Featured image from Blockworks, chart from TradingView.com