The bear market is starting to take a toll on non-fungible tokens (NFTs) as some of the most valuable collections in the space have seen their values decline due to the reduced demand in the past few months.
According to data from Nifty Price, blue-chip NFTs have lost close to 6% of their values within the last 24 hours. Available data from other NFT aggregators like CoinGecko, and Nftpricefloor also show the same trend that the floor price of these assets is falling.
For context, Bored Ape Yacht Club has a floor price of 72 ETH, a decline of 17.97% in the last 24 hours. Cryptopunks, which has had a slightly positive performance at its floor price over seven days, has also seen a drop by 0.81% to 48 ETH.
Other popular collections such as Mutant Ape, CloneX, RTFKT, Doodles, Azuki, and Meebits have significantly declined floor prices. Most of these projects saw their floor price drop by double digits in the last 24 hours.
Of the top ten NFTs by floor cap, the only one that has seen a rise in floor price is Autoglyphs. Its floor price increased by 21.94% over the last 24 hours and is now worth 189 ETH.
Even new NFT collections are affected by the rut. Goblintown.wtf, which has only been around for less than a month, saw its floor price fall by 26% in the last 24 hours.
However, despite the falling value of these NFTs, a blog post from DappRadar said the “NFT market is far from dead” because
The value of these assets decreased at a lower rate than underlying cryptocurrencies during the last months.
NFT sales volume down
Some buyers are taking advantage of the price decline to buy blue-chip NFTs. According to data from cryptoslam, the sales volume of BAYC has increased by 44.72% after recording about $3.4 million from 28 transactions in the last 24 hours.
Other top projects have also seen an increase in sales volume within the last 24 hours. Mutant Apes volume is up by 31.86%, CryptoPunks by 260.41%, Moonbirds by 33.12%, and Azuki by 59.88%.
But a more cursory look at the data over 30 days shows that all of these projects have seen their sales volume decline by at least 70% -this indicates that interest in NFTs is waning as the broader crypto market crashes.
