The non-fungible token (NFT) market appears to have taken a much bigger hit from the recent crypto crash, with total market capitalization plummeting in the past 24 hours.
The Cryptocurrency market blood bath has also extended into its second week now, and is showing no signs of slowing down.
Bored Apes, Azuki NFT prices tumble
According to CoinMarketCap, total NFT market capitalization has decreased by over 61% in the last 24 hours. The NFT’s cumulative capitalization now stands at $10.5 billion. NFT sales have also suffered through the crash, and are down by over 8% in the last 24 hours to stand at 19,262.
The major NFT projects like Bored Ape Yacht Club (BAYC), Otherdeed for Otherside and MoonBirds took the market by storm. They even outperformed many top cryptocurrencies in the market at a time. However, the recent market sentiment has proven bad for the digital asset market.
BAYC’s average sales have been down by over 25% in the last 7 days. Its floor price plummeted to 102.6969 ETH which is down by 4% in the same time period. The Otherdeed for Otherside average sales has also plunged by a whopping 30% in the past 7 days as its floor price has come down to 3.0177 ETH. The floor price has fallen by 10% in the same time.
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Popular collection Azuki is among the worst performers this week, after its founder revealed they had ties to older, abandoned NFT projects. The collection’s floor price has nearly halved in value this week, amid widespread selling.
Ethereum crash also pressures market
Ethereum (ETH) is down by 17% in the last 7 days, trading at an average price of $2,360, at the press time. Given that most major NFT collections are on the ETH blockchain, a crash in ETH prices has also severely affected the dollar valuations of major NFT projects.
On the other hand, the largest cryptocurrency Bitcoin (BTC) has decreased by 20% in the last 7 days. BTC is trading at an average price of $30,900, at the press time. As the market decline continues, BTC prices have decreased by over 50% since it touched its ATH in November.
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