NFT market downtrend sees lower floor prices for leading collections like BAYC and Pudgy Penguins

13 March 2024

in Meta News

Reading Time: 2 mins read

The price floor of most of the top five NFT (non-fungible token) collections by market capitalization has plummeted in value in the past week, according to CoinGecko data.

Major NFT collections, including Bored Ape Yacht Club, Froganas, Mutant Ape Yacht Club, and Pudgy Penguins, have experienced price floor drops of 37%, 5%, 42%, and 24%, respectively, over the past seven days. The Bitcoin blockchain’s NodeMonkes NFT collection stands out positively in contrast to the overall downtrend, having gained 65% in the same period.

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The price floor of NFT collections refers to the minimum price at which a particular NFT within that collection is listed for sale.

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Monthly Ethereum NFT volume decreases

Most of the top five NFT collections minted on the Ethereum blockchain, such as Bored Ape Yacht Club, Mutant Ape Yacht Club, and Pudgy Penguins, have all suffered significant floor price declines in the past week.

According to The Block’s Data Dashboard, monthly trading volume on Ethereum-based NFT marketplaces has fallen since the beginning of the year. February’s total trading volume was $786 million, a drop of over 10% from January’s $868 million. The trading volume on Ethereum-based NFT marketplaces for March thus far stands at a low of $397 million.

The monthly number of trades on NFT marketplaces on Ethereum has also declined since January. There were over 627,000 NFT trades in the first month of the year, but February’s amount came in lower at 536,000, according to The Block’s data. So far, the total number of NFT trades for March is at a low of 160,000, with just over half of the month yet to play out.

Monthly NFT marketplace revenue declines

The monthly revenue of NFT marketplaces, including OpenSea, X2Y2 and LooksRare, has also declined since December. According to The Block’s Data Dashboard, the combined revenue for OpenSea, X2Y2, and LooksRare in December was $3.43 million. However, January experienced a sharp decline, and February’s revenue amounted to $1.67 million, representing a 51% decrease.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

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