- Bitcoin’s network saw more NFT sales than Ethereum’s over the past week.
- Floor prices of BAYC and CryptoPunks fell to multi-month lows too
As an experienced analyst, I’ve been closely monitoring the NFT market and its recent developments. The past week brought some intriguing shifts to the table, with Bitcoin’s network surpassing Ethereum’s in terms of NFT sales volume. This is a significant turnaround, considering that Ethereum has long held the lead in this sector.
Last week, the sales figures for non-fungible tokens (NFTs) traded on the Bitcoin [BTC] network experienced a significant increase, outpacing those on the Ethereum [ETH] network based on statistics from CryptoSlam.
During that specified timeframe, the NFT sales volume for Bitcoin reached a total of $43 million, marking a 26% increase. Meanwhile, Ethereum’s weekly NFT sales volume experienced a rise of 17%, but it only amounted to $40 million.
Despite the completion of 99,297 NFT transactions on Ethereum last week, Bitcoin managed to record only 55,351 such transactions.
As an analyst, I’ve examined the NFT market trends on both the Bitcoin and Ethereum networks over the past fortnight. The Bitcoin network recorded a total NFT sales volume of approximately $77.02 million during this period. Meanwhile, Ethereum’s NFT sales volume reached around $71 million within the same timeframe.
State of the NFT market
As a researcher studying the cryptocurrency market, I observed a significant downturn last week. Specifically, the total market capitalization of all cryptocurrencies decreased by approximately 4% within a span of seven days.
The decrease in value had a ripple effect on the NFT marketplace, as reported by NFTGo. Last week’s NFT trading volume totaled $85.39 million, marking a 3% drop compared to previous data.
The decline in NFT market value, which currently stands at approximately $7 billion, can be attributed to a weekly drop of 11%.
Floor prices hit new lows
Examining the top-tier NFT collection, Bored Ape Yacht Club (BAYC), has shown that its minimum sale price has dropped noticeably during the previous weeks.
The price of an NFT in the BAYC collection reached a high of 13.7 ETH on May 31st, but according to NFTPriceFloor, it has dropped by approximately 25% since then.
The last time BAYC’s floor price was this low was on 15 April.
Over the past month, the number of transactions in BAYC’s NFT marketplace has dropped significantly, leading to a decrease in total sales volume. In fact, the sales volume for BAYC during the last 30 days amounted to $12 million – a figure that represents a 34% decline compared to previous periods.
Regarding the CryptoPunks NFT collection, the lowest price point in the market for a Punk was currently 27.42 Ether.
The price of an NFT from this collection reached a high of 63 ETH on January 24th. Since then, the average cost has dropped significantly by approximately 57%.
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2024-06-15 19:03