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.
Azuki, Bored Apes NFT Prices Plunges
The overall market capitalization of NFT has dropped by approximately 61% in the last 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 crash, falling by roughly 8% in the last 24 hours to 19,262.
Bored Ape Yacht Club (BAYC), Otherdeed 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 the digital assets markets.
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% drop in the same period. The average sales of Otherdeed for Otherside have also dropped by 30% in the last 7 days, with the floor price falling to 3.0177 ETH. In the same period, the floor price dropped by 10%.
After its founder acknowledged they have ties to older, abandoned NFT projects, the popular collection Azuki is among the lowest performers this week. The collection’s floor price has virtually halved in value this week amid widespread selling
The market is also under pressure due to the Ethereum drop
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 major NFT projects.
On the other hand, the leading cryptocurrency, Bitcoin (BTC), has dropped 20% in the last 7 days. At the time of writing, 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.