While the crypto economy has dropped significantly in value over the past few weeks, seven-day stats show non-fungible token (NFT) sales are down 17.32% from the last week. The data also shows that NFT land values have fallen sharply over the past month as some of the most popular NFTs are selling for much less these days.
The once-bubbly NFT industry is poised for its first crypto bear market, interest in non-fungible tokens has waned, and sales are slipping
NFTs have made a name for themselves over the past 12 months, generating billions in revenue, but the NFT trend is currently experiencing its first crypto bear market. The market carnage over the past few weeks has hurt NFT sales and top floor prices for some of the most popular collections.
Interest in non-fungible tokens has waned as the search query “NFT” has declined significantly, according to Google Trends (GT) data. In the week of January 16-22, the worldwide GT data for the search term “NFT” hit the high score of 100, but this week the search term is 25.
While NFTs are still being sold, weekly sales are 17.32% lower than last week and NFT sales measured last week were 64% lower than last week. Looking at the market metrics, it’s safe to say that the Terra LUNA and UST fiasco impacted the NFT space as well.
Over the past week, the ground values of many blue chip NFT collections have fallen, and today the values are much lower. Additionally, some popular NFT collections hit all-time highs in terms of minimum values just 34 days ago, and recent stats show they are now selling for a lot less.
Bored Apes, Proof Collective and Cryptopunks are selling for less than half of what they sold last month
On April 23, 2022, the NFT collection called Proof Collective had a minimum value of around 129 Ether and at that point a single Ethereum was trading for $2,950 per unit. This means that 34 days ago the cheapest Proof Collective NFT was around $380,000.
On the same day, the Bored Ape Yacht Club (BAYC) minimum value was approximately 123 ETH or $362,000 using ether exchange rates on that day. The cheapest Cryptopunks NFT was priced at around 59 Ether on April 23, which was around $174,000 at the time.
Today, the Proof Collective NFT collection has a minimum value of around 75 Ether, and using ETH values recorded on May 27th, the cheapest Proof Collective NFT is selling for $130,000 today. The minimum BAYC collection value on Friday is $153,000 or $87.98 ETH and Cryptopunks NFT bottom is 46.5 ETH or $80,000.
34 days ago Bored Ape Chemistry Club NFTs had a floor of around 45 ether and today the lowest is 39.5 ether. Similarly, a month ago Mutant Ape Yacht Club (MAYC) NFTs had a minimum value of 33 ETH and today the minimum value is 17.2 Ether.
The Otherdeed NFT Collection currently has the highest sales relative to all NFT Collection sales in the past week. Otherdeed’s sales for the past seven days totaled $23 million, but sales are down 14.52% from last week. A specific NFT collection called Goblintown, recorded $21.9 million in sales and is a whopping 1,744,444% up on last week in terms of sales volume.
The three most expensive NFTs sold this week were from the Otherdeed NFT collection. Bored Ape #2664 was the fourth most expensive NFT, selling for 199.99 ether ($390,000) two days ago, and Cryptopunk #3764 was the fifth most expensive, selling for 190 ether ($389,000) four days ago.
In addition to the three most expensive NFT collections in terms of minimum value, the minimum values of all non-fungible token collections such as Clonex, Doodles, Azuki, Veefriends, Bored Ape Kennel Club and more are much lower than the values recorded 34 days ago, on 23.
What do you think of the declining NFT sales and the blue chip NFT collections whose minimums are falling? How do you envision the NFT industry in a crypto bear market? Let us know what you think about this topic in the comment section below.
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