Top NFTs See floor price fall to near all-time lows
Top non-fungible tokens (NFTs), including Mutant Apes, Cool Cats and y00ts, have lost value over the past 24 hours on the sidelines of a muted crypto market performance.
According to the NFT Price Floor, the global NFT market cap was 3,678,293 ETH at the time of writing. This is a decrease of close to 3% from the previous day.
Top NFTs lose value in April
While utility and profitability influenced purchasing decisions for NFTs, the once dominant performers have lost value. CryptoPunks, the market leader, has cut its price floor by 2.52% in the last day.
CryptoPunks is a collection of 10,000 distinct avatars produced by Larva Labs. The collection’s value fell by around 9% in the last seven days. This week the collection remains in the news as Sotheby’s announced its intention to auction off its art collection, which includes CryptoPunk’s NFTs.
Yuga Labs’ Bored Ape Yacht Club has also lost more than 6% for the week, according to NFT Price Floor. With 50 purchases in the last 24 hours, Bored Ape Yacht Club’s price floor has fallen 5.66%.
The same creator’s Mutant Ape Yacht Club lost 9.7% in the last week, while the price floor for the collection is down 6% in one day. The Ethereum-based initiative had 172 sales in 24 hours and remains the third largest collection by market capitalization. Meanwhile, OpenSea records a 226% increase in sales figures, but the price floor has taken a 12% hit. The average in value has remained constant over the past month, but the drop has widened by 22% over the past 90-day period.
The downward trend is not exclusive to the top collections by market value; popular collections also experience a fall in the floor price. According to NFT Price Floor, Cool Cat’s current price floor is down 3% in 24 hours, with 59 sales.
Despite strong sales data, an examination of the last 30 and 90 days shows extensive depreciation. The Cool Cats floor price has fallen by more than 60% in the last three months.
Notably, Cool Cats Group, the web3 company behind the collection, recently announced a partnership with Futureverse. The partnership was announced this month, but documents show that floor prices and trading volume have continued to fall since mid-February.
The crypto market is also going quiet
DeLabs’ y00ts NFT collection has lost a whopping 16% in the run-up to the week so far. The 24-hour trade has also pushed the price floor down by 0.87%.
The floor price has fallen by almost 20% on OpenSea in the last week. The difference between Cool Cats and y00ts is that the latter has seen a 37% drop in volume and floor price in the last week.
The recent decline in the NFT floor comes on the heels of a weakened crypto market. In addition to significant market value losses, Bitcoin has fallen back below $30,000. Analysts predict that interest rates will rise as UK consumer prices unexpectedly stayed above 10% in March.
According to CNBC, Atlanta Federal Reserve President Raphael Bostic stated that the US central bank could raise interest rates. As part of monetary policy, he expects a further 25 basis point increase.
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