Over the past 24 hours, the crypto market suffered a significant loss in value, amounting to 14%. Following an 18% loss in Ethereum’s price, NFTs collections have also shrunk in value, as most NFT marketplaces are using the Ethereum blockchain.
For instance, the popular Bored Ape Yacht Club collection’s floor price, i.e. its lowest value on a secondary marketplace, dropped to $107,000, which is a 16% drop since yesterday. Moonbirds’ floor price also suffered a 16% drop, Doodles shredded almost 21% of its value, and Meebits are down 27%.
However, the NFT trading volume is increasing due to lower prices. According to the analytics website CryptoSlam, the trading volume has seen a 54% increase since yesterday.
The top three NFT collections in terms of trading volume all belong to the Bored Ape brand. The Bored Ape Yacht Club was sold for the total amount of some $5.8 million, Mutant Apes for over $2.8 million, while the metaverse game Otherside is third on the list with $2.3 million in trades.