Monday, June 27, 2022
HomeNFT NewsThe bear market has caused the floor price of NFT collections to...

The bear market has caused the floor price of NFT collections to plummet

. Not even the most popular art collectibles survived the downturn.

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Floor price of popular NFT collections collapse due to bear market

It appears there is no respite anywhere in the crypto realm in the face of Monday’s extraordinary market sell-off. Based on data from NFT Price Floor, the floor prices for Bored Ape Yacht Club (BAYC) and CryptoPunks, two of the most popular nonfungible token, or NFT, collections on the market, have fallen to 74 ETH ($92,223) and 48 ETH ($69,473), respectively.

In comparison, pieces in the BAYC collection had an all-time high floor price of 153. 70 ETH, while the same metric amounted to 123 ETH for CryptoPunks. The data aggregator tracks 380 collections with a total market cap of $5. 58 billion at the time of publication.

The sell-off among NFTs was partly exacerbated by a warning just a day prior, where Gordon Goner, co-founder of Yuga Labs — the firm owning both BAYC and CryptoPunks collections — issued a warning regarding an “imminent” attack on social media accounts operating under the firm’s umbrella. The incoming attack is said to have the support of a Twitter insider who would bypass security. Yuga Labs’ social accounts had been compromised three times already this year, some of which involved sophisticated phishing attacks that drained millions of dollars worth of users’ NFTs.

Meanwhile, according to DappRadar, the number of users on OpenSea.io, the largest NFT marketplace by volume, has fallen 14% in the past month. Simultaneously, monthly trading volume fell 65% to $500 million. It is interesting to note that the number of transactions increased by 6.4% month-over-month, possibly due the sheer volume of NFT collectors looking to sell at a higher price.

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Henry Hicks
Henry Hickshttps://nonfungibletalk.com
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!
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