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Cratering cryptoasset values sent the floor price of NFT collections tumbling in the past 24 hours on heavy volume
Cryptocurrency prices have been brutally selling off this week, and that has had spillover effects into the market for non-fungible tokens. Trading volumes in some popular NFT collections have jumped in the past 24 hours as floor prices dropped considerably, according to data from crypto exchange OKX.
Yuga Labs’ Bored Ape Yacht Club held the highest-trading volume among a list of NFT projects that saw sales rise, posting a nearly 300% jump in the last day.
The floor price, or the cost of the cheapest-available NFT in the market, for the Bored Ape Yacht Club has fallen 13% in ETH terms over the last week to as low as 75 ETH ($91,917), according to NFT Price Floor. The effect is even more pronounced in terms of the US dollar, thanks to the plunging value of ether, which is down 30% during the same timeframe.
As recently as April, the cheapest Bored Ape NFT cost 152 ETH, or $429,000 at the time.
In the last 24 hours, Mutant Ape Yacht Club, Terraforms, Otherdeed, Moonbirds and CryptoPunks have all seen trading volumes jump more than 50%. Some of them sold for millions of dollars earlier this year.
The NFT index, which tracks the performance of non-fungible tokens in the market and is based on circulating supply, is down 23% in the last day, dappRadar shows.
Separate data shows NFT marketplace OpenSea saw the best trading volume on its platform over the last day, posting a 173% jump to sales worth $23.46 million.
This drop in value comes during a market rout partly driven by the latest Consumer Price inflation reading released Friday, which hit 8.6% in May.
Bitcoin last traded around $22,513 as of 2:30 am ET on Tuesday, and is down more than 50% year-to-date.
“Bitcoin bears certainly are in ruckus mode, berating the largest crypto the way a schoolyard bully seeks out for tormenting the same easy mark,” said Rich Blake, financial consultant at Uphold.
“As far as support levels, the next few days surely will test digital assets if a faster pace of tightening and more aggressive rate hikes are announced. For the moment, extreme market conditions and fed policy updates are exacerbating the consequences for crypto assets.”
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