Floor Prices of Leading NFTs Experience Significant Drop as Sales Slightly Increase
The trend of declining NFT sales has persisted since early 2022, with further decreases observed in the floor prices of major NFT collections over the past week.
According to data sourced from CoinGecko, the floor prices of the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) dropped by 21% and 27% respectively in the past week.
As per the aggregator, the starting price for a BAYC collectible now stands at 24.5 Ethereum (ETH), equivalent to around $41,060 as of the time of writing.
Meanwhile, MAYC’s floor price currently sits at 4.6 ETH, approximately valued at $7,700, with a market capitalization of $150.15 million.
In addition, Azuki and Moonbirds NFTs experienced similar drops of 25% in the past week. The floor prices for these collections are currently 3.9 ETH ($6,535) and 1.24 ETH ($2,080) respectively.
Other collections, including Cool Cats, Doodles, Azuki Elementals, DeGods, Pudgy Penguins, and CryptoPunks, also saw notable declines in the past seven days.
Despite this decline in prices, the 24-hour NFT sales figures, reported by CryptoSlam, reached $13.51 million, showing a modest increase of 2.89%. The global trading volume of NFTs encompassed a total of 345,911 transactions.
Furthermore, data from CryptoSlam indicates a significant drop in global annual NFT sales from approximately $23.5 billion on January 1, 2022, to $5.5 billion on January 1, 2023.
OpenSea remains the primary platform for NFT all-time sales, amassing nearly $36 billion.
Former OpenSea executive Nathanial ‘Nate’ Chastain has been convicted of insider trading and money laundering. Chastain has been sentenced to three months in jail and is obligated to relinquish the gains acquired from his illicit activities.
