Arabic AR Chinese (Simplified) ZH-CN English EN French FR German DE Japanese JA Portuguese PT Russian RU Spanish ES Turkish TR
Connect with us

Hi, what are you looking for?

NFT

NFT prices and sales volumes are falling amid a rout in crypto markets.

CryptoPunks and Bored Ape Yacht Club collections have seen their floor price plunge.

Prices of non-fungible tokens (NFTs) have declined this week as the TerraUSD (UST) algorithmic stablecoin’s de-pegging heaps pressure on cryptocurrency markets. 

The popular Bored Ape Yacht Club (BAYC) has seen its floor price — a measure of the cheapest NFT in the collection – drop by 25% over the past week to 88 ETH ($1.7 million), according to data compiled by The Block. CryptoPunks’ floor price is down 15% to 52.5 ETH over the same period. 

The entire crypto market has seen a weakening in sentiment this week as the TerraUSD (UST) algorithmic stablecoin lost its peg to the dollar on Monday. Bitcoin is now trading below $30,000 while ether has fallen below $2,000 and other tokens have also come under pressure. 

The declining price of ether means that NFT investors have seen the value of their holdings fall even further in dollar terms. 

The price declines have coincided with decreasing liquidity in NFT markets. Global sales volumes are down by 41% over the past 24 hours, according to CryptoSlam data.

The losses in the NFT market aren’t limited to Ethereum projects as sales volumes of Solana NFTs have also fallen off significantly over the past few days. Solana sales volumes are down 21% over the past 24 hours, according to CryptoSlam data.

Okay Bears, one of the largest collections on Solana, has seen its sales volume drop by 19%.

Featured

Technology

The company unveiled a new stylish hardware wallet designed by a former Apple engineer at a Paris event today Bitcoin and cryptocurrency hardware wallet...

Bitcoin Mining

According to a Coindesk report, “The industry has found itself in a fight with the local grid operator provider, Ande, and some members of the...

Finance

People in Nigeria, Kenya and Ghana can now receive instant, low-cost remittance payments in local currency through Bitcoin’s Lightning Network. Bitcoin payments app Strike...

Finance

Although the crypto winter of 2022 has disrupted the entire crypto industry, traditional banking giants are showing confidence in the sector. Japanese banking giant...