NFT sales fall in 2023 while floor prices on the top collection fall

NFT sales fall in 2023 while floor prices on the top collection fall

Several popular NFT (nonfungible token) collections have seen floor prices fall this year. In addition, the NFT boom from previous years has not been able to make any impact in 2023.

The NFT markets are dormant. While crypto markets have gained 40% since the beginning of the year, the same cannot be said for NFTs.

NFTs and digital collectibles lose their luster

Also, some of the biggest and most popular collections from last year have struggled this year.

May 22 Industry Influencer and Observer ‘HashBastards NFTs’ revealed how much some of the top NFTs have fallen.

The Doodles collection has dropped 90% in terms of floor price, dropping from 23 ETH to just 2.3 ETH. At the time of writing, OpenSea showed a floor price of just 2,169 ETH, or around $3,900.

Doodles is a community-driven collectibles project featuring 9,999 items featuring art by “Burnt Toast”. The most expensive one listed is #8712 for 123,456 ETH (around $222,000).

According to CryptoSlam, Doodle’s sales volume was $2.4 million in April, down from $53 million in April 2022.

Moonbirds is another NFT collection that has fallen from its heights. Floor prices have fallen 94% from 32 ETH to 2.1 ETH, the researcher noted.

Moonbird’s sales volume is down from a whopping $484 million when the project launched in April 2022 to just $3.1 million last month, according to CryptoSlam.

The Goblintown NFT collection once had a floor price of 6 ETH. It’s now down to just 0.27 ETH, or $490, for one of these once coveted non-fungible collectibles.

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Sales volume has dropped 99% from $37 million in monthly sales when the collection launched in May 2022. In April 2023, only $257,670 was shifted in volume.

Furthermore, the Invisible Friends collection has seen floor prices drop 85% from 8 ETH to 1.15 ETH. This collection of 5,000 animated invisible characters by Markus Magnusson sold $68 million when they launched in February 2022. By April 2023, sales volume had dropped to just $847,266.

CryptoSlam reports that the total NFT sales volume has dropped by 84% from April 2022 to April 2023.

NFT Sales volume 1 year |  CryptoSlam
NFT Sales volume 1 year | CryptoSlam

Unloading collections

May 21, “NFTstatistics” Twitter account posted that sellers had unloaded a large number of NFTs on the Blur market.

“A massive overnight seller dumps Blur. Someone dumped 350 Doodles in a bid (sale divided between 4 wallets). Someone dumped 190 MAYC into bids. The person who dumped Doodles is still long 350+ CloneX.”

“Overall, these are just positions people had achieved over time, either by farming with bids or by pumping projects and eventually needed to dump,” they added.

Bored Ape Yacht Club has been the top-selling collection in the past 30 days, with $43 million in volume, according to Cryptoslam.

Disclaimer

In accordance with the guidelines of the Trust Project, BeInCrypto is committed to objective, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify the facts independently and consult with a professional before making any decisions based on this content.

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