The prices of NFTs from well-known collections such as CryptoPunks and Bored Ape Yacht Club have dropped sharply, with floor prices slipping below $100,000 for the first time in months.

However, the broader NFT market is also slumping, with trading volumes plummeting by 71% across all marketplaces since mid-April. While the reasons for the decline are unclear, some industry experts have suggested that Blur, a new NFT trading platform that overtook OpenSea in late February, may have played a role by incentivizing traders to abandon other marketplaces and engage in "wash trading" in order to accumulate financial rewards. Furthermore, recent spikes in gas fees may have also contributed to the phenomenon, along with traders facing liquidity issues around the US tax deadline.