- The minimum investment to add an ape to the collection is presently 49 ETH.
- Dune Analytics reports that daily trading across all NFT platforms has dropped 71%.
As the whole NFT market collapsed to trade numbers not seen in years, last week saw the floor prices for “blue chip” NFT collections CryptoPunks and Bored Ape Yacht Club (BAYC) fall significantly below $100k worth of ETH for the first time in months.
The NFT market has recovered significantly, but a CryptoPunk would still set you back 49.8 ETH, as reported by NFT Price Floor. While that’s certainly a lot of ether, it’s a 30 percent drop from a month earlier, when the least expensive CryptoPunk available cost well over $128,000.
Yuga Labs, a massive NFT company, has a similar backstory to their main product Bored Apes, which is popular with celebrities. The minimum investment to add an ape to the collection is presently 49 ETH; buying a Bored Ape has not been this cheap since November 2021.
General Decline in NFT Market Trading
These falling numbers seem to be indicative of a more general problem: a general decline in NFT market trading activity. Dune Analytics reports that daily trading across all NFT platforms has dropped a shocking 71% since mid-April.
There has been a steady decline in activity across all mediums. On Thursday, there were less than 20,000 NFT deals, the lowest total since late 2021.
The latest decline’s root causes are unknown. Although Ethereum’s post-Shanghai price increase has slowed this week, the biggest NFT market’s cryptocurrency is still doing well, trading at about $1,868 as of this writing, according to CMC.
The quick ascent of Blur, a relatively new NFT trading platform that surpassed OpenSea as the biggest NFT marketplace in late February, is largely responsible for recent optimistic news coverage on the industry’s long-term health.
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