NFT Floor Price Plunges But Still “Bottom-Fishing”
The NFT floor price has not been able to continue to “go against the wind” in the current crypto market landscape. In the ranks of the NFT collections of the era, there is a project that has experienced a decline of up to 55% in the last 4 days only, but the sales are still increasing significantly, perhaps many are positive “bottom-fishing” NFT.
Six months ago, the NFT was an easy “haven” when the overall market “had a bad time”. However, in the past few days, NFT and crypto have been on the same page. This week’s price action builds on a long period of volatility in a struggling macroeconomic environment, with a big cause of inflation rising above forecasts and the consequences that the system has experienced Terra has left.
Immediately reacting to the above news, Bitcoin (BTC) has suffered a tragic sell-off and shows no signs of stopping. The lowest price BTC is retracing is $20,846. This is the lowest threshold for the world’s largest coin since December 2020.
Let’s take a look at the correlation of the NFT array with the entire crypto industry through the 6 hit projects with the highest trading volume of all time on OpenSea: CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, Doodles, and Cool Cats. Here’s how the projects above reacted as of June 14, 2022 – according to data from NFT Price Floor:
Since the number of NFTs deployed on Ethereum accounts for 84.7%, their floor prices are often tied to the price line of Ether.
ETH has continued to set up another red candle in a 10-week series of continuous declines. At the time of writing, ETH is trading at $1,220, the lowest price that ETH has just touched is $1,075.
Surprisingly, in the context of the floor price list being flooded with red, the NFT trading volume rebounded sharply in the past 24 hours. This shows that NFT players are considering the current prices as a bargain, so they take advantage of it to “accumulate goods”.
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