NFT prices sink, but overall NFT sales are on the rise

Due to the crypto market being down, Bored Apes, Moonbirds, and other top NFT collections are losing value, but NFT sales are rising as collectors appear to be taking advantage of lower prices.

As the crypto market is down with a 14% drop in overall value over the last 24 hours, Bitcoin lost 16%, and Ethereum lost 18%.

NFT collections are also feeling pain partially due to the falling ETH price. Meanwhile, NFT trading volume surprisingly has risen sharply during the past 24 hours, up 54% over the previous period, which suggests that the collectors may be taking advantage of lowering prices.

One of the so-called “blue chip” NFT collections, Bored Ape Yacht Club, has seen its floor price – or the cost of the cheapest-available NFT listed on a secondary marketplace – the last day drop to nearly $107,000, representing a 16% in terms of US dollars, according to data from NFT Price Floor.

The damage isn’t quite as bad when measured in ETH: the Bored Ape price floor has dropped almost 11% to about 74.5 ETH. However, the project has lost a huge amount of value over the last 6 weeks. On April 29, the cheapest Bored Ape you could buy was 152 ETH, or about $429,000 at the time.

Other top collections are also falling measured in the US dollar. Thus, the Mutant Ape Yacht Club is down 22% to about 14 ETH ($20,100), Moonbirds are down 16% to about 16.2 ETH ($23,250), Doodles have shed nearly 21% of floor value to a current price of 8.1 ETH ($11,650), and Meebits are down 27% to 2.8 ETH ($4,050).

However, despite the NFT floor price list being all red now, it’s all the opposite for trading volume on CryptoSlam’s list of top NFT projects. Some collectors may be taking advantage of the “cheap ETH” and falling valuations to snap up typically pricey NFTs at lower-than-usual prices.

According to the crypto analytics site, the overall NFT market has seen a 54% increase in trading volume during the past 24 hours compared to the previous 24-hour window. The day’s sales total nearly $39 million, which is significantly lower than the daily amount seen in early May but is a big improvement over recent daily trading volume tallies.

Thus, The Bored Ape Yacht Club leads the list for trading volume over the past day, with $5.8 million worth of NFT sales. CryptoSlam’s top three is all Bored Ape-related: the Mutant Apes are second with over $2.8 million in NFT trades, with virtual land for the upcoming Otherside metaverse game in third at $2.3 million in trades.

According to DappRadar, the NFT market surged to $25 billion in trading volume in 2021 and is still on pace to top that tally this year. Leading marketplace OpenSea actually had its single best day just over one month ago, with $476 million in Ethereum NFT sales on May 1.

However, NFT trading volume fell sharply early last month when crypto prices started to decline. Nevertheless, the NFT market appears to be resilient, DappRadar recently reported. Although the market uncertainty has also led to a number of nihilistic and experimental projects like Goblintown and ShitBeast.