Whether it’s Moonbirds or Bored Apes, some of the best NFT collections have lost significant value in a short time. Surprisingly, the sales of these NFTs are increasing, which means buyers want to leverage this opportunity. In the first week of June 2022, the crypto market significantly lost market value.
In fact, within 24 hours, the crypto market had over a 14% drop with an 18% and 16% loss for Ethereum and Bitcoin. Since the start of June, however, top-tier NFT collections have had a continuous negative impact due to the crashed crypto market.
NFT Value: Measurement in ETH Prices and US Dollars
The failing Ethereum prices were enough to have a negative impact on the NFT collections. But as mentioned earlier, the trading volume of NFT is on the rise despite the declining crypto market. The sales volume of NFT has increased by over 50%, which indicates that collectors want to make the most out of lower prices.
On the other hand, blue-chip collections of NFT have had a serious fall followed by the crypto market crash. In fact, even the most famous BAYC NFT collection has hit the floor prices. In the secondary NFT marketplace, the cheapest NFT has managed to drop to $107,000. In terms of US dollars, the reflected value and price of available NFT collections have hit a bottom low.
When you measure the price drop in terms of ETH, the BAYC collection is down by 11%. This may come across as minimal damage, but the fact remains that the BAYC and other major NFT collections have lost significant value in US dollars. It all becomes too clear when you compare and realize that the cheapest NFT from the BAYC collection was available at the price of $429,000 in April.
The Fall of Major NFT Collections
But like BAYC, most of the high-end NFT collections have dropped in value. For instance, the value of Moonbirds’ NFT collection is decreased by 16%, which amounts to $23,250. Similarly, Doodles have dropped by almost 21% in its value, whereas Meebits NFT collection is down by 27%.
When it comes to the current value of major NFT collections, the prices are on the floor. But NFT market experts profess that NFT collectors are unnecessarily benefiting from the low prices and devaluation of ETH. It is no wonder most of the NFT prices are lower than normal prices right now.
Future of NFT and Market Perception
Some believe that the improvement in the NFT trading volume balances out the decreased value of the major NFT collections. Despite all the hurdles, BAYC still leads the chart in terms of trading volume with $5.8 million in sales. When it comes to NFT trading volume, Mutant Apes have also managed to hit numbers as high as $2.8 million in sales.
In a broader sense, the ray of light for the NFT market is its trading volume. In fact, the trading volume of NFT continues to increase and managed to surpass previous records. Market experts claim that the NFT trading volume would even cross the current threshold of 54% in Q3 of 2022.