Top NFT Collections Crash Amid Crypto Panic

Both in terms of Ethereum (ETH) and the US Dollar, the market floor values of some of the most valuable non-fungible token (NFT) collections are falling precipitously.

According to data that was published by DappRadar on Monday, the decline in prices for NFTs  has accelerated over the course of the past week for all three of today’s top NFT collections measured by trading volume. These collections are Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and CryptoPunks.

The floor prices of the three most popular collections have decreased by 31 percent, 27 percent, and 16 percent, respectively, over the course of just the previous day in terms of US dollars. In the meantime, average prices are also falling for BAYC and MAYC by amounts that are comparable, although CryptoPunks is holding up better with a reduction in the average price that is only around 2 percent.

The floor price is the minimum amount that must be paid in order to acquire an NFT from a specific collection. It is frequently utilized as a tool for determining how popular various NFT collections are.

During this time, data from CoinGecko demonstrated how the total value of these collections has decreased not only in terms of USD but also in comparison to ETH. The price of ETH has decreased by around 32 percent in USD terms between Monday of the previous week and today. The MAYC collection exhibited the same pattern as seen elsewhere.

Since the prices of NFTs are typically expressed in ETH, their value in USD roughly tracks the ETH/USD exchange rate, however it is reasonable to anticipate that popular collections could outperform this rate.

The price-performance of NFTs included in the widely held BAYC collection was superior to that of ETH up to the beginning of May of this year. On the first of the month, the floor price reached a high of 153.70 ETH, which was equivalent to 420,430 USD.

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Since then, however, values have fallen dramatically, and as of today they have reached a low of 72 ETH (or USD 87,624) at the time of this writing.

When we extend our look back further to a 30-day timeframe, we can also see that the statistics provided by DappRadar, record trading volume from Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and CryptoPunks. collections  that has decreased by 83 percent, 90 percent, and 55 percent respectively.