In an expected turn of events, prominent Non-Fungible Token (NFT) collections have experienced a steep decline in their base prices this year. As a result, in stark contrast to the impressive growth witnessed in previous years, the NFT market’s expansion has stalled in 2023.
NFT Market: The Current Landscape
The state of the NFT market is currently underwhelming. However, a contrast becomes evident when comparing cryptocurrencies and NFTs’ performance. The former has seen a solid 40% growth since the year’s inception, while the latter tells a different story.
Moreover, collections that were the highlight of last year seem to have lost their sheen. On May 22, respected industry influencer ‘HashBastards NFTs’ provided insightful data on the dwindling performance of top NFTs.
A Closer Look at NFT Collections: Doodles and Moonbirds
The Doodles collection has suffered a severe hit with a 90% decrease in its base price, which plummeted from 23 ETH to a mere 2.3 ETH. According to recent data from OpenSea, the current base price stands at an all-time low of 2.169 ETH, equivalent to approximately $3,900.
Known for its community-centric approach, Doodles comprises 9,999 collectibles featuring art by “Burnt Toast.” The collection’s priciest listing is #8712, priced at 123.456 ETH (around $222,000). CryptoSlam indicates a dramatic drop in Doodles’ sales volume, from $53 million in April 2022 to a meager $2.4 million in April 2023.
Moonbirds, another renowned NFT collection, has also descended from its peak. It has seen a massive 94% drop in base prices, moving from 32 ETH to 2.1 ETH.
Moonbirds’ sales volume has decreased significantly from an astounding $484 million during its launch in April 2022 to just $3.1 million in the past month.
Goblintown and Invisible Friends: Struggling NFT Collections
Goblintown, a once coveted NFT collection, has seen its floor price plummet from 6 ETH to just 0.27 ETH, translating to around $490 for one of these formerly desired collector’s items.
The sales volume, too, has seen an unfortunate slump, falling 99% from a monthly sales figure of $37 million at its launch in May 2022 to a mere $257,670 in April 2023.
Furthermore, the Invisible Friends collection has endured an 85% fall in floor prices, from 8 ETH to 1.15 ETH. This collection of 5,000 uniquely animated invisible characters by Markus Magnusson raked in $68 million at its February 2022 launch, only for the sales volume to fall to a paltry $847,266 by April 2023.
CryptoSlam’s reports suggest an overall decline in NFT sales volume by 84% from April 2022 to April 2023.
Market Movements and Key Players
On May 21, the ‘NFTstatistics’ Twitter account reported a significant dump of NFTs on the Blur marketplace. They reported large quantities of Doodles and MAYC being offloaded across multiple wallets. However, Bored Ape Yacht Club has maintained its position as the top-selling collection in the past 30 days, boasting a whopping $43 million in volume.
These market fluctuations signal that individuals who had accrued NFTs over time are offloading their collections through strategic bid farming or reacting to over-inflated projects.
In conclusion, the NFT market’s landscape appears quite volatile. With major NFT collections witnessing drastic drops, how the market adapts and recovers in the forthcoming months remains to be seen.
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