Quick Take
- The CryptoPunks floor price has fallen below 50 ETH.
- NFT collections continue to come under downward price pressure.
The floor price of the NFT collection CryptoPunks slipped below $100,000 on Wednesday as the NFT market continues to slide. The floor price represents the price of the cheapest piece in the collection and reflects market demand.
The NFT collection, which was launched by Larva Labs in 2017, had a floor price of 47 ETH ($91,673) at the time of writing, according to The Block’s Data Dashboard. This leaves the collection’s floor price down more than 50% in dollar terms over the past month, having previously traded for a minimum of $186,442 on April 25.
In addition, NFT trading volumes have begun to slip, falling from $8.28 million for the week beginning May 9 to $7.45 million the following week. So far this week there has been $2.75 million of trading volume.
NFT floor prices have fallen across the board in line with cryptocurrencies throughout May. Prices in the digital asset space have come under pressure with bitcoin (BTC) trading below $30,000 and ether (ETH) below $2,000 — exacerbated by the collapse of the Terra ecosystem two weeks ago.
