Top NFT Collections See Price Crash Amid Crypto Market Panic
The crash in NFT floor prices has accelerated over the past week for all three of today’s top NFT collections by trading volume; Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and CryptoPunks, data from DappRadar showed on Monday.
For the past day alone, floor prices in US dollar terms of the three popular collections are down 31%, 27%, and 16%, respectively. At the same time, average prices are also down by similar amounts for BAYC and MAYC, while CryptoPunks is holding up better with a decline in the average price by just shy of 2%.
The floor price represents the lowest price that can be paid to own an NFT from a particular collection. It is often used to measure how popular different NFT collections are.
Over the past week, the floor prices in US dollar terms are down by 45%, 45%, and 31%, respectively, for the same three collections.
Meanwhile, data from CoinGecko also showed how the collections have fallen not just in USD terms, but also relative to ETH even as ETH’s US dollar price has fallen sharply.
Between Monday last week and today at 13:50 UTC, ETH is down by about 32% in USD terms.
BAYC floor price in ETH and USD:
The same trend was also seen in the MAYC collection:
As NFT prices are generally quoted in ETH, their USD price often closely follows the ETH/USD exchange rate, while popular collections are expected to outperform it.
Up until the beginning of May this year, prices of NFTs in the popular BAYC collection performed better than ETH, with the floor price reaching a high of ETH 153.70 (USD 420,430) on the 1st of the month.
Since then, however, prices have collapsed, reaching a low of ETH 72 (USD 87,624) as of today.
BAYC floor price since start:
Looking back further to a 30-day basis, USD floor prices of BAYC, MAYC, and CryptoPunks are 48%, 45%, and 34%, respectively.