The Bears Troop to NFTs as Popular Collections Fall to New 2-Month Lows
Quick take:
- Median prices of leading NFT collections have fallen to new 2-month lows.
- Some of the collections also witnessed a significant drop in transaction volume.
- On the contrary, the top cryptocurrencies have bounced back since mid-June led by ETH and BTC.
Leading NFT pools fell to new 2-month lows over the weekend in terms of transaction volume and median price. The decline comes despite the recent rally in crypto prices.
The crypto winter sent the entire industry plummeting during the first half of 2022, but the market has been on the rise since bottoming out in mid-June.
But while the rest of the industry continues to recover, the bears seem to be attacking the non-fungible token (NFT) market. NFTs are described as digital files representing works of art, music videos or collectibles stored on the blockchain.
The bears sent the median prices of leading NFT pools crashing over the past two months.
On Sunday, the median price of Bored Ape Yacht Club fell to 79 ETH, slightly above the 2-month low of 78.63 ETH, while the transaction volume of 80 ETH recorded on Friday is the lowest in the last 60 days.
Other notable collections experiencing a significant decline in median base price include:
- Meebits fell from 114 ETH on July 8th to 1.76 ETH on August 15th.
- CoolCats is down to 2.20 ETH from 5.05 ETH.
- CloneX went down from 14 ETH to 6.82 ETH.
- Doodles dropped from 15.67 ETH down to 7.40 ETH.
- Invisible Friends is down to 1.89 ETH from 4.05 ETH.
- Otherdeed 3.42 ETH to 1.85 ETH.
- Mutant Ape Yacht Club from 20.70 ETH to 13.85 ETH.
- Azuki dropped from 14 ETH to 6.62 ETH.
- Moonbirds dropped from a high of 30 ETH to 12.99 ETH.
- The sandbox that peaked on July 8 at 2.47 ETH fell to 1.28 ETH.
- NFT Worlds hit by the unfortunate decision made by Minecraft to ban NFTs fell to 0.68 ETH, down from a high of 4.83 ETH on June 26.
Overall, the median prices of some of the NFTs fell by as much as 85% over the past two months, with some experiencing declines later in the period thanks to data provided by Dune Analytics dashboard builder @Sealaunch.
The decline in NFT median floor prices appears to be against the current industry trend, with Bitcoin up 27% and Ether up 90% since June 15th. On the other hand, the S&P 500 is up more than 16% in the past two months, while the NASDAQ 100 is up 22%, further illustrating how bearishly skewed the market has become towards NFTs.
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