NFT Market Sees Downtrend in 2023, But That Shouldn’t Surprise Anyone – CryptoMode
In an expected turn of events, prominent collections of Non-Fungible Token (NFT) have experienced a sharp decline in their base prices this year. As a result, in stark contrast to the impressive growth we’ve seen in previous years, the NFT market’s expansion has stalled in 2023.
NFT Market: The Current Landscape
The state of the NFT market is currently underwhelming. However, a contrast becomes apparent when comparing cryptocurrencies and NFTs’ performance. The former has had solid growth of 40% since the beginning of the year, while the latter tells a different story.
Also, it seems that collections that were the highlight of last year have lost their luster. On May 22, respected industry influencer ‘HashBastards NFTs’ provided insightful data on the declining performance of top NFTs.
A Closer Look at NFT Collections: Doodles and Moonbirds
The Doodles collection has been hit hard with a 90% drop in its base price, dropping from 23 ETH to just 2.3 ETH. According to recent data from OpenSea, the current base price is at an all-time low of 2,169 ETH, equivalent to approximately $3,900.
Known for its community-centric approach, Doodles consists of 9,999 collectibles featuring art by “Burnt Toast.” The collection’s most expensive entry is #8712, priced at 123,456 ETH (around $222,000). CryptoSlam indicates a dramatic drop in Doodle’s sales volume, from $53 million in April 2022 to a measly $2.4 million in April 2023.
Moonbirds, another recognized NFT collection, has also come down from the top. It has seen a massive 94% drop in base prices, moving from 32 ETH to 2.1 ETH.
Moonbirds’ sales volume has dropped significantly from an astounding $484 million during its April 2022 launch to just $3.1 million in the past month.
Goblintown and Invisible Friends: Struggling NFT Collections
Goblintown, a once coveted NFT collectible, has seen its floor price drop from 6 ETH to just 0.27 ETH, which translates to around $490 for one of these previously coveted collectibles.
The sales volumehas also seen an unfortunate decline, falling 99% from a monthly sales figure of $37 million at launch in May 2022 to just $257,670 in April 2023.
Furthermore, the Invisible Friends collection has endured an 85% drop in floor prices, from 8 ETH to 1.15 ETH. This collection of 5,000 uniquely animated invisible characters by Markus Magnusson grossed $68 million upon launch in February 2022, only for sales to drop to a paltry $847,266 by April 2023.
CryptoSlam’s reports suggest an overall decline in NFT sales volume of 84% from April 2022 to April 2023.
Market movements and key players
On May 21, the Twitter account ‘NFTstatistics’ reported a significant dump of NFTs on the Blur market. They reported that large amounts of Doodles and MAYC were downloaded across multiple wallets. However, Bored Ape Yacht Club has maintained its position as the best-selling collection over the past 30 days, with a whopping $43 million in volume.
These market swings signal that individuals who had accrued NFTs over time are offloading their collections through strategic bid farming or reacting to overinflated projects.
In conclusion, the landscape of the NFT market appears rather volatile. With major NFT collections witnessing drastic falls, it remains to be seen how the market adjusts and recovers in the coming months.
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