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NFT Market Experiences Price Decline, Prompting Concern Among Investors and Enthusiasts

July 4 (Cointime) - The NFT market has seen a recent drop in prices, causing worry among investors and enthusiasts. Despite not being in a new cycle, several notable NFTs have experienced significant price decreases in the past few days.

One example is the Bored Ape Yacht Club (BAYC), which has lost 11% of its value due to community backlash following the Azuki Elementals airdrop. The decrease in NFT liquidity has become a concerning trend over the past three months, leading NFT marketplaces to offer incentives to attract users and stimulate platform trading.

The current market cap for Bored Apes is $352.13K, representing a 5.65% decrease in value, with a decrease in trading volume by 26.78% and liquidity by 17.96% over the past 7 days. These numbers suggest a decrease in NFT trading activity and liquidity, which is a larger concern for the entire NFT market, as the minimum price for purchasing a Bored Ape has dropped to 20.1 ETH.

Ethereum Ethereum $3,293.73
-4.65%
Bored Ape Yacht Club
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  • NFT market total sales fell 26.2% to $46 million in June

    On July 8th, Binance Research's latest report showed that the crypto market experienced a significant downward trend in June 2024, with an overall decline of up to 11.4%. Due to the market downturn, the TVL (total locked value) of DeFi decreased by 8.7% in June. The NFT market also continued to be sluggish, with a total sales volume of $46 million in June, a decrease of 26.2% compared to May. The monthly sales volume of DMarket, the in-game item trading platform for Mythos, was the highest at $18.9 million, followed closely by CryptoPunks with sales of $16.1 million. The sales of top-tier ordinal series such as BitcoinPuppets and NodeMonkes decreased significantly, by 40.6% and 41.0%, respectively. BoredApeYachtClub's monthly sales volume slightly decreased, while PudgyPenguins performed better than the market, rising by 68.9%.

  • NFT sales on the Ethereum chain exceeded US$350 million in January, down 2% from December

    According to the latest data from Cryptoslam, the sales of NFTs on the Ethereum blockchain in January reached about $356 million, a decrease of about $7 million from December, a decrease of about 2%. In addition, the transaction volume of NFTs on the Ethereum blockchain in January reached 929,000 transactions.

  • NFT sales on the Bitcoin chain exceeded US$335 million in January, setting the third highest single-month record to date

    According to Cryptoslam data, as reported by Jinse Finance, the Bitcoin blockchain NFT sales in January 2024 exceeded $335 million, with a trading volume of nearly 250,000 transactions, including over 67,000 independent sellers and approximately 78,000 independent buyers. Historical data shows that January 2024 is the third-highest single-month record on the Bitcoin blockchain to date, surpassed only by the highest record of approximately $869 million set in December 2023 and the second-highest record of approximately $376 million in November 2023.

  • CoinGecko: NFT trading volume will drop by $14.5 billion month-on-month in 2023

    According to a report by CoinGecko, NFT transaction volume in 2023 will be less than half of that in 2022, dropping from $26.3 billion to $11.8 billion, a decrease of $14.5 billion. The dashboard of Dune Analytics shows that the transaction volume of OpenSea, the leader in the NFT market, exceeded $2 billion for 9 consecutive months between 2021 and 2022, but shrank to about $170 million in December 2023. Rohan Handa, the NFT director of Mysten Labs, said that the decline in the field was caused by poor macroeconomic conditions and notable collapses, which weakened the public and investors' confidence in the unstable crypto industry.

  • NFT sales on the Bitcoin chain exceeded US$880 million in December 2023, setting the highest single-month record to date

    According to CryptoSlam data, the Bitcoin blockchain's NFT sales in December 2023 reached a record high of $881,223,753.92, with 111,713 buyer addresses and 98,744 seller addresses, both setting new monthly records. As of now, the total NFT sales on the Bitcoin blockchain have reached $1.83 billion, making it the fourth largest blockchain for NFT sales, behind only Ethereum ($42.12 billion), Solana ($4.62 billion), and Ronin ($4.25 billion).

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