NFT Sales and Floor Prices Slump Amid Broader Crypto Market Decline

Last year saw a surge in interest in the NFT sector. The market also saw a sharp rise in sales in 2021, which contrasts with the general decline in crypto prices in January. NFT sales seem to be cooling again after decoupling for a few more weeks.

NFT Floor Price Take A Hit

According to the most recent stats, some of the top NFT projects such as Bored Ape Yacht Club, (BAYC) have seen their floor prices decline. In the second week in February, there was a noticeable pullback in NFT markets and this trend is not likely to stop anytime soon.

The lowest price, or floor price, is the price at which an NFT is available to be purchased. It is the lowest price a non-fungible token can be sold for.

BAYC, one the most highly-regarded projects, was down by 1.68% in the past 24 hours and is currently at a floor price 89.96ETH. Crypto Punk saw a slight increase of 1.36% during the same time period but its floor price was 66.9 ETH. Clone on the other side dropped by 4.81% in the last day, with a floor of 12.85ETH. NFT project Doodles lost almost 8%, dropping its floor price to 10.95 Ethereum.

NFT Trading Volumes Drop

Dune Analytics has curated data that shows a substantial decline in NFTs traded on top marketplaces since January 31st. The space was particularly hard hit by a significant Bitcoin correction on February 10. Even during minor rallies, the figures did not pick up.

Data for top NFT projects on OpenSea’s leading marketplace, OpenSea, shows the latest volume drop. 3Landers is not the only exception. Other projects like NFT Worlds and mfers, as well as tubby cats by tube collective and Azuki, were all down 60%, 33.46% and 67.29% respectively.

The NFT sector is still in its infancy but has managed to make it into mainstream conversation. CryptoPotato reported that experts warn that the NFT sector could soon experience a crash like that of ICOs.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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