Bored Apes, CryptoPunks Fall Below $100K
For the first time in months, the floor prices for “blue chip” NFT collections CryptoPunks and Bored Ape Yacht Club (BAYC) both fell well below $100,000 worth of ETH this week, as the broader NFT market slumped to trading stats not seen in years.
Even though NFTs have recovered somewhat, a CryptoPunk currently costs 49.8 ETH, according to NFT Price Floor. While still quite expensive, this is a reduction of more than 30% from just a month ago, when the cheapest CryptoPunk on the market could be had for just over $128,000 in ETH.
Those dwindling figures appear to be a symptom of a larger problem: fewer and fewer trades are being executed across the entire NFT market. According to Dune Analytics, daily trades across all NFT marketplaces have dropped by 71% since mid-April.
The drop in activity has been gradual and consistent across platforms. A tally of just under 20,000 NFT trades on Thursday was the lowest since late 2021.
(With inputs from Shikha Singh)
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