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NFT Market Faces Continuing Decline in Sales and Prices

An analysis of the ongoing downturn in NFT sales and floor prices across major collections.
Published on 2023-08-24

NFT Market Decline

NFT sales have experienced a persistent decline since early 2022. Recent data highlights further drops in the floor prices of prominent collections. Notably, the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) have seen significant decreases of 21% and 27%, respectively. Currently, a BAYC collectible is valued at 24.5 Ethereum (ETH), approximately $41,060.

Price Drops in Major Collections

Alongside BAYC and MAYC, Azuki and Moonbirds NFTs have suffered similar setbacks, each witnessing a 25% reduction in floor prices. Azuki's current floor price is 3.9 ETH ($6,535), while Moonbirds stand at 1.24 ETH ($2,080). Other collections such as Cool Cats, Doodles, Azuki Elementals, DeGods, Pudgy Penguins, and CryptoPunks have also registered notable declines.

NFT Sales and Trading Volume

Despite these plunging prices, NFT sales in the past 24 hours reached $13.51 million, showing a modest increase of 2.89%. The global NFT trading volume was derived from 345,911 transactions. However, the annual NFT sales have drastically dropped from $23.5 billion at the start of 2022 to $5.5 billion by January 2023.

OpenSea's Dominance and Legal Challenges

OpenSea remains a dominant marketplace in the NFT space, achieving almost $36 billion in all-time sales. However, the platform is not without its challenges. A former OpenSea executive, Nathanial 'Nate' Chastain, has been implicated in insider trading and money laundering, resulting in a three-month jail sentence and asset restitution.

The NFT market continues to face hurdles, impacting both price stability and sales volume, amid these evolving dynamics.

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