With overall market value plunging in the last 24 hours, the non-fungible token (NFT) market appears to have taken a significantly heavier hit from the recent crypto meltdown.
The bloodbath in the cryptocurrency market has already entered its second week and shows no signs of abating.
Bored Apes, Azuki NFT
The overall market capitalization of NFT has dropped by approximately 61 percent in the previous 24 hours, according to CoinMarketCap. The NFT presently has a total capitalization of $10.5 billion. NFT sales have also suffered as a result of the meltdown, falling by roughly 8% in the last 24 hours to 19,262.
Bored Ape Yacht Club (BAYC), Other deed for Otherside, and MoonBirds are just a few of the prominent NFT ventures that have taken the market by storm. They even outperformed many of the market’s major cryptocurrencies at one point. However, recent market sentiment has been negative for digital assets.
In the last seven days, BAYC’s average sales have dropped by more than 25%. Its floor price has dropped to 102.6969 ETH, a 4 percent drop in the same time span. The average sales of Other deed for Otherside have also dropped by 30% in the last week, with the floor price falling to 3.0177 ETH. In the same period, the floor price has dropped by 10%.
a well-known collection After its creator acknowledged they have ties to prior, abandoned NFT initiatives, Azuki is among the worst performers this week. This week, the collection’s floor price has practically halved due to extensive selling..
Ethereum crash also upset the market
Ethereum (ETH) is currently trading at an average price of $2,360, down 17% in the last seven days. Because the majority of important NFT collections are on the Ethereum blockchain, a drop in ETH pricing has had a significant impact on the dollar values of key NFT projects.
In contrast, the leading cryptocurrency, Bitcoin (BTC), has dropped 20% in the last seven days. At the time of publication, BTC was trading at an average price of $30,900. BTC prices have dropped by nearly 50% since reaching their all-time high in November, as the market continues to fall.
