NFT Floor Prices Take A Hit As The Crypto Market Downturn Continues

Floor prices for non-fungible tokens (NFTs) have also taken a hit as the broader crypto market is crashing.

Some of the most popular NFT projects saw their floor prices sink as much as 30% over the last week as the crypto market is in a steep downturn.

Six months ago, it appeared that the 2022’s crypto market volatility didn’t have much impact on NFT collections. But, as falling floor prices show, it doesn’t seem to be the case. This week’s price action builds on an extended period of market volatility against a tough macro backdrop, fueled in part by record-high inflation. Crypto markets, were also rattled last month by the collapse of the Terra blockchain ecosystem and the UST stablecoin.

The Sunday move by crypto lending platform Celsius to halt withdrawals triggered a fresh round of chaos in the market. At the time of writing, BTC trades at $21,435, down 26% on the weekly chart.

The top six NFT projects by all-time volume on OpenSea are CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, Doodles and Cool Cats.

Here’s how they fared in the past three days — from June 10 to June 13, 2022 — according to data from CoinGecko:

• CryptoPunks — decreased 18%, from $84,800 to $69,500.
• Bored Ape Yacht Club — decreased 30%, from $164,200 to $115,200. Less than two months ago, on April 29, the Bored Ape floor price had reached its all-time high at over $430,000.
• Mutant Ape Yacht Club — decreased 29%, from $33,600 to $23,900.
• Azuki — decreased 31%, from $18,900 to $13,000.
• Doodles — decreased 33%, from $21,400 to $14,200.
• Cool Cats — decreased 31%, from $7,000 to $4,800.

Since 84.7% percent of NFTs are on Ethereum their floor prices are tied to ETH’s performance.

The price of ETH has continued its steady decline from its all-time high of $4,270 on November 11, 2021.

At the time of writing, ETH is priced at $1,120, down 35% in the last 7 days.