NFT sales drop 17% for the week as floor price slips more than 50% for the month
While the value of the crypto economy has dropped significantly over the past few weeks, the 7-day statistic shows that NFT sales slipped 17.32% from the previous week. The data also shows a deep floor price drop for the month as some of the most popular assets are selling for a lot less these days.
NFT has made its mark over the past 12 months, raking in billions of dollars in sales, but is currently experiencing its first bear market. The carnage over the past few weeks in the crypto space has impacted sales of irrefutable assets and the top floor prices of some of the most popular collectibles.
Interest in irreplaceable property dwindles as search queries plunge according to Google Trends data. During the week of January 16-22, worldwide GT data for the search term “NFT” peaked at 100, but only 25 this week.
While NFTs are still being marketed, weekly sales are down 17.32% from last week and NFT sales measured last week are down 64% from last week as well. As such, observing market indexes, the failure of LUNA and UST also affects the irreplaceable asset space.
Last week, the floor price of many blue-chip collections gradually fell and continues to be much lower today. What’s more, according to statistics, some of the popular collections that hit their all-time high floors just 34 days ago are now on sale for a lot less.
On April 23, 2022, the Proof Collective had a floor price of around 129 ETH. At that time, ETH was trading for $2,950. As such, the cheapest was around $380,000 34 days ago.
On the same day, the floor price of Bored Ape Yacht Club (BAYC) reached around 123 ETH or $362,000. The cheapest Cryptopunks cost 59 ETH on April 23, which was $174,000 back then.
Today, the Proof Collective has a floor price of 75 ETH and using the ETH value recorded on May 27, the cheapest Proof Collective is currently on sale for $130,000. The floor price of the BAYC collection is 87.98 ETH on Friday or $153,000 and the Cryptopunks floor price is 46.5 ETH or $80,000.
More than 1 month ago, Bored Ape Chemistry Club had a floor price of about 45 ETH and today’s lowest value is 39.5 ETH. Similarly, Mutant Ape Yacht Club (MAYC) had a floor price of 33 ETH last month and today’s low is 17.2 ETH.
The Otherdeed collection is currently leading the way in sales of all the NFT collections this past week. Otherdeed sales went up to $23 million in 7 days but down 14.52% from last week. The Goblintown Collection recorded sales of $21.9 million and jumped 1,744,444% from last week in sales volume.
The three most expensive NFTs on sale this week came from the Otherdeed NFT collection. Bored Ape #2664 is the fourth most expensive NFT that sold for 199.99 ETH ($390,000) 2 days ago and the fifth most expensive Cryptopunk #3764 sold for 190 ETH ($389,000) 4 days ago.
In addition to the 3 NFT collections with the highest floor prices, NFT collections such as Clonex, Doodles, Azuki, Veefriends, and Bored Ape Kennel Club,… all saw floor prices drop significantly compared to 34 days ago on April 23.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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