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Floor price of blue-chip NFTs tank as sales volume decline

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The bear market is starting to take its toll on non-fungible tokens (NFTs) as the value of some of the most valuable collections in the space has declined due to declining demand over the past few months.

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According to data from Nifty Price, blue chip NFTs have lost about 6% of their value in the last 24 hours. Available data from other NFT aggregators such as CoinGeckoas well as Nftpricefloor also show the same trend that the floor price of these assets is falling.

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For context, Bored Ape Yacht Club has a minimum price of 72 ETH, down 17.97% in the last 24 hours. Cryptopunks, who had a slight positive momentum at the low price for seven days, also fell 0.81% to 48 ETH.

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The floor prices of other popular collections such as Mutant Ape, CloneX, RTFKT, Doodles, Azuki and Meebits have dropped significantly. The floor price of most of these projects has fallen by double digits in the last 24 hours.

Of the top 10 NFTs at the lowest floor price, the only one with a floor price increase is Autoglyphs. Its minimum price has increased by 21.94% in the last 24 hours and is now 189 ETH.

Rutting affects even new NFT collections. On Goblintown.wtf, which has been around for less than a month, the floor price has dropped 26% in the last 24 hours.

However, despite the fall in the value of these NFTs, Blog Post from DappRadar said “the NFT market is far from dead” because

The value of these assets has declined more slowly than the underlying cryptocurrencies over the past months.

NFT sales declined

Some buyers are taking advantage of the price cuts to buy blue-chip NFTs. According to data from cryptoslamBAYC’s sales volume increased by 44.72% after recording about $3.4 million in the last 24 hours from 28 transactions.

Other popular projects have also seen an increase in sales over the past 24 hours. Mutant Apes was up 31.86%, CryptoPunks up 260.41%, Moonbirds up 33.12% and Azuki up 59.88%.

But a quicker look at the 30-day data reveals that all of these projects saw sales drop by at least 70%, indicating that interest in NFTs is waning as the crypto market as a whole collapses.





Credit : cryptoslate.com

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