11 May, 2022
Popular NFTs that outperformed cryptocurrencies are now being hit harder than any other assets.
The most popular NFT collection BAYC saw its average sales price fall nearly 30% in the last week.
The leading cryptocurrency bitcoin is down 21% in the last seven days.
According to DappRadar, BAYC’s user numbers also fell by 27% during the same time.
“If the market is selling off en masse, they are going to sell whatever they have,”Michael Bucella, a partner at BlockTower Capital Advisors, said in an interview with Bloomberg.
Even before the crypto crash began, NFT sales were already on decline.
As the entire crypto market continues to remain in red, it would be interesting to observe how NFTs behave