The floor prices of several blue-chip NFTs fell precipitously yesterday despite increasing overall industry volumes.
Floor price dropped
Data from Coingecko shows that the top 10 NFT collectibles, such as CryptoPunks, Bored Ape Yacht Club and Mutant Ape Yacht Club, have recorded a drop of around 5% over the past 24 hours, almost identical to Bitcoin. Other top collections such as Pudgy Penguins, Mad Lads and DeGods all saw significant drops of up to 13.4%.
There was a negative trend throughout most of the year despite the overall improvement in cryptocurrency market conditions. Specifically, blue-chip NFT collectibles like Bored Apes and Crypto Punks have seen their prices drop more than 80% from their peaks.
It’s important to understand that an NFT’s floor price may not truly reflect its actual market value, as factors such as rarity characteristics and others often contribute to price fluctuations.
Additionally, the noticeable decline in the overall cryptocurrency market , evident in the past 24 hours, could significantly impact the floor price of these NFT collectibles.
Trading volume increased
Meanwhile, these NFTs have seen trading volume increase over the same period.
According to CryptoSlam’s data, the NFT space has seen sales surpass $58 million across 268,252 transactions in Last 24 hours. Notably, NFT transactions on the Bitcoin blockchain surpassed transactions on Ethereum and Solana with no evidence of money laundering.
This shows that the trend observed over the past 30 days is continuing, with the sector recording an impressive 86.86% increase in trading volume to $1.1 billion. This growth came with a total of 8,376,759 transactions, marking a 26.37% increase over the same period.
A recent report by DappRadar notes that the growing volumes recorded in the sector indicate a shift in investor behavior, with NFT buying and selling activity surging. The blockchain analytics firm further noted that the average transaction value has increased 114%, increasing from $126 to $270 over the past month.
“NFTs appear to be moving in tandem with the broader crypto market, reflecting similar interest and investment patterns. The symbiotic relationship between NFTs and the broader fungible cryptocurrency market continues to shape the trajectory of the NFT industry.”
