Whether it’s Moonbirds or Bored Apes, some of the best NFT collections have lost significant value in a short time. Surprisingly, the sales of these NFTs are increasing, which means buyers want to leverage this opportunity. In the first week of June 2022, the crypto market significantly lost market value.
In fact, within 24 hours, the crypto market had over a 14% drop with an 18% and 16% loss for Ethereum and Bitcoin. Since the start of June, however, top-tier NFT collections have had a continuous negative impact due to the crashed crypto market.
The failing Ethereum prices were enough to have a negative impact on the NFT collections. But as mentioned earlier, the trading volume of NFT is on the rise despite the declining crypto market. The sales volume of NFT has increased by over 50%, which indicates that collectors want to make the most out of lower prices.
On the other hand, blue-chip collections of NFT have had a serious fall followed by the crypto market crash. In fact, even the most famous BAYC NFT collection has hit the floor prices. In the secondary NFT marketplace, the cheapest NFT has managed to drop to $107,000. In terms of US dollars, the reflected value and price of available NFT collections have hit a bottom low.
When you measure the price drop in terms of ETH, the BAYC collection is down by 11%. This may come across as minimal damage, but the fact remains that the BAYC and other major NFT collections have lost significant value in US dollars. It all becomes too clear when you compare and realize that the cheapest NFT from the BAYC collection was available at the price of $429,000 in April.