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Several popular nonfungible token (NFT) collections have seen their floor prices tumble this year. Moreover, the NFT boom of previous years has failed to gain any traction in 2023.
NFT markets are in the doldrums. While crypto markets have gained 40% since the beginning of the year, the same cannot be said for NFTs.
NFTs and Digital Collectibles Losing Their Shine
Furthermore, some of the biggest and most popular collections from last year have struggled this year.
On May 22, industry influencer and observer ‘HashBastards NFTs’ revealed how much some of the top NFTs have fallen.
The Doodles collection has declined 90% in terms of floor price, falling from 23 ETH to just 2.3 ETH. At the time of writing, OpenSea was showing a floor price of just 2.169 ETH, or around $3,900.
Doodles is a community-driven collectibles project featuring 9,999 items with art by “Burnt Toast.” The most expensive one listed is #8712 for 123.456 ETH (around $222,000).
According to CryptoSlam, Doodles’ sales volume was $2.4 million in April, down from $53 million in April 2022.
Moonbirds is another NFT collection that has fallen from its heights. Floor prices have dropped 94% from 32 ETH to 2.1 ETH, the researcher noted.
Moonbirds’ sales volume is down from a whopping $484 million when the project launched in April 2022 to just $3.1 million last month, according to CryptoSlam.
The Goblintown NFT collection once had a floor price of 6 ETH. It has now tanked to just 0.27 ETH, or $490, for one of these once sought-after nonfungible collector’s items.
Sales volume has slumped 99% from the $37 million in monthly sales when the collection launched in May 2022. In April 2023, just $257,670 was shifted in terms of volume.
Furthermore, the Invisible Friends collection has seen floor prices fall 85% from 8 ETH to 1.15 ETH. This collection of 5,000 animated invisible characters by Markus Magnusson sold $68 million when they launched in February 2022. In April 2023, sales volume had slumped to just $847,266.
CryptoSlam reports that overall NFT sales volume has declined by 84% from April 2022 to April 2023.
Offloading Collections
On May 21, the ‘NFTstatistics’ Twitter account posted that sellers had offloaded a large number of NFTs on the Blur marketplace.
“Massive overnight seller dumps on Blur. Someone dumped 350 Doodles into bids (sales spread across 4 wallets). Someone dumped 190 MAYC into bids. The person who dumped the Doodles is still long 350+ CloneX.”
“Overall, these are just positions people had accrued over time either by farming with bids or by pumping projects and eventually needed to dump,” they added.
Bored Ape Yacht Club has remained the top-selling collection over the past 30 days, with $43 million in volume, according to Cryptoslam.