Are NFTs getting caught up in the recent crypto crash? Floor prices across some of the biggest collections are slipping even though sales volumes are up over the past 24 hours on most top-ten collections.
The floor price has been slipping since May 4 when it hovered at about 3.5 ETH, which then was worth nearly $10,000.
Otherdeed caused a stir in the market during its mint day when it clogged up the ETH network and drove, leading Yuga Labs to admit there was a problem as it refunded gas costs for all failed transactions. In addition to Yuga’s Otherdeed collection, the ubiquitous BAYC collection floor price has taken a big hit over the past seven days. Since May 4, BAYC floor price has dropped by 15% to 91 ETH. While that still comes out to a dollar value of about $212,000, it is nearly $100,000 less than a week ago.
Another major collection that has suffered from a diminishing floor price is Azuki, the anime-inspired art NFTs. Since May 4, Azuki floor price has shrunk by over 50% from 30.5 ETH to 15 ETH. Each of BAYC, Otherdeed, and Azuki are trading among the top ten collections on the largest NFT marketplace OpenSea.
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