The NFT market is flatlining as the global crypto market continues to crash. Bitcoin, the world’s largest cryptocurrency plunged to $20,946, witnessing an 18-month low. All cryptos are currently in the red as they continue to fall. A similar trend is being observed in the NFT spaces as sales continue to drop and NFT buyers vanish from the NFT marketplaces.
According to the CryptoSlam NFT tracker, the NFT sales since April have dropped by 150 per cent. The average price of an NFT has dropped from $589 in April to $192 in June, a drop of 67 per cent in the value. The number of transactions happening in the NFT space is also witnessing a significant drop from 62 lakh transactions to 27 lakh transactions.
The Bored Ape Yacht Club (BAYC) NFT collection is now trading below $100,000 for the first time since August 2021. The floor price has been down by 100 per cent since May when BAYC NFTs were selling at $200,000 each.
On June 15, the floor price fell to $106,000 and since then, the NFT market has only witnessed a huge downfall. The reason for the decline in NFTs is the fading crypto market, especially Ethereum. This is because NFTs are usually minted on Ethereum Network. Currently, Ethereum is close to hitting the $1000 mark. Several other top-rated NFT collections have seen their NFT floor prices decrease along with BAYC. For instance, Otherdeed has lost 12 per cent of its value in the last 24 hours, while Moonbirds have lost 42 per cent.