Some investors turned to nonfungible tokens in search of a haven among digital assets in the first quarter. However, the bets soon turned sour.
When the crypto market was generally sluggish over the first quarter, some investors turned to nonfungible tokens, or NFTs, which outperformed most other digital assets at the time, in search of a haven. However, the bets soon turned sour.
Bored... When the crypto market was generally sluggish over the first quarter, some investors turned to nonfungible tokens, or NFTs, which outperformed most other digital assets at the time, in search of a haven. However, the bets soon turned sour. Bored Ape Yacht Club, one of the most popular NFT collections, saw its floor price, or the lowest price among its items, plunge to 88 ETH on Friday, or about $153,000, from 138 ETH on April 27, or over $390,000 based on Ether’s price at that time, according to data from CoinGecko.The slump could be partly attributed to ether ETHUSD ’s tank, as the majority of NFTs are based on Ethereum, while the network’s native coin lost 38% over the past month.NFT trading has also slowed down.