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- The minimum investment to add an ape to the collection is presently 49 $ETH.
- Dune Analytics reports that daily trading across all $NFT platforms has dropped 71%.
As the whole $NFT market collapsed to trade numbers not seen in years, last week saw the floor prices for “blue chip” $NFT collections CryptoPunks and Bored Ape Yacht Club (BAYC) fall significantly below $100k worth of $ETH for the first time in months.
The $NFT market has recovered significantly, but a CryptoPunk would still set you back 49.8 $ETH, as reported by $NFT Price Floor. While that’s certainly a lot of ether, it’s a 30 percent drop from a month earlier, when the least expensive CryptoPunk available cost well over $128,000.
Yuga Labs, a massive $NFT company, has a similar backstory to their main product Bored Apes, which is popular with celebrities. The minimum investment to add an ape to the collection is presently 49 $ETH; buying a Bored Ape has not been this cheap since November 2021.
General Decline in $NFT Market Trading
These falling numbers seem to be indicative of a more general problem: a general decline in $NFT market trading activity. Dune Analytics reports that daily trading across all $NFT platforms has dropped a shocking 71% since mid-April.
There has been a steady decline in activity across all mediums. On Thursday, there were less than 20,000 $NFT deals, the lowest total since late 2021.
The latest decline’s root causes are unknown. Although Ethereum’s post-Shanghai price increase has slowed this week, the biggest $NFT market’s cryptocurrency is still doing well, trading at about $1,868 as of this writing, according to CMC.
The quick ascent of Blur, a relatively new $NFT trading platform that surpassed OpenSea as the biggest $NFT marketplace in late February, is largely responsible for recent optimistic news coverage on the industry’s long-term health.
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