The Struggle of the NFT Market as a Top Collection Has Suffered a Steep Drop
The NFT market is currently facing a downturn, in stark contrast to the overall positive performance of the crypto market this year. Even some of the most popular NFT collections from the past year are grappling with significant price drops. Recent data reveals the extent of the decline in the value of this once sought-after digital asset.
Well-known industry watcher ‘HashBastards NFTs’ recently highlighted the falling prices of some of the top NFT collections. The Doodles collection, which features art by “Burnt Toast”, has seen its base price drop by a staggering 90%, dropping from 23 ETH to just 2.3 ETH. Currently, OpenSea reflects a base price of around 2,169 ETH, equivalent to around $3,900.
Moonbirds, another leading NFT collection, has seen its base price drop by 94%, dropping from 32 ETH to 2.1 ETH. Likewise, the Goblintown NFT minimum price has dropped to just 0.27 ETH, a significant decrease from its previous value of 6 ETH. These collections have also seen a sizeable drop in sales volume, indicating reduced demand among NFT fans.
Invisible Friends, a collection of 5,000 animated invisible characters by Markus Magnusson, has seen its base price drop by 85%, from 8 ETH to 1.15 ETH. Sales volumes for the collection, which raised $68 million during its launch in February 2022, have fallen to just $847,266 in April 2023.
CryptoSlam reported an overall decline of 84% in NFT sales volume from April 2022 to April 2023, signaling a widespread decline in the market. Notably, the Blur marketplace witnessed significant NFT sales, with individuals offloading large numbers of Doodle and MAYC NFTs.
Yet, amidst this challenging landscape, Bored Ape Yacht Club continues to shine as the best-selling NFT collection, with $43 million in volume over the last 30 days, according to Cryptoslam.
As the broader crypto market thrives, the NFT sector is currently grappling with a downward spiral. Even the most prominent NFT collections from the past year have seen substantial price reductions and sales volume declines. However, the resilience of collections such as the Bored Ape Yacht Club shows that selected NFTs are still retaining their appeal to investors and collectors in this challenging market climate.