Major NFT Collections Post Double-Digit Monthly Losses as Floor Prices Drop

Losses in the NFT markets have exceed ether’s decline, which is down 9.6% on-month.

NFT marketplace OpenSea plans to “sunset the OpenSea operator filter” and “move to optional creator fees on all secondary sales for new collections,” according to a recent post on X (formerly Twitter). Billionaire investor Mark Cuban called the move a “huge mistake” as an OpenSea investor. “The Hash” panel shares their reactions and what this could mean for Web3 creators.

0 seconds of 6 minutes, 33 secondsVolume 0%

Some of the best-known “blue-chip” non-fungible tokens (NFTs) have seen their floor prices decline by more than 25% in the last month, according to Nansen.ai data.

NFTs are a special type of crypto asset that provide its holder ownership over a real or digital asset. The floor price in NFTs refers to the minimum price a seller wants for an item in a collection, serving as an indicator of a collection’s popularity and perceived value.

However this metric can be manipulated and does not always accurately represent the true market value of an NFT, with other factors like rarity traits and market conditions causing variations in prices.

(Nansen.ai)

On-chain data shows that the Bored Ape Yacht Club collection’s floor price has declined by 27% while DeGods is down by 55%. Azuki, which sold out its ‘Elementals’ NFT mint in 15 minutes in June, ranking in $38 million in the process, saw its floor prices drop by 36%.

Meanwhile, the Nansen NFT-500 index is down 40% year-to-date, while its Blue Chip 10 index is down 33%.

While ether prices usually dictate the value of NFTs, values have dropped faster than the currency they are usually denominated in. Ether is down 9.6% on-month, and is up 1.9% during the last year, according to CoinDesk Indices data.

However, it isn’t all bad news in the NFT market. Some lesser-known collections have seen gains.

Notably, @miladymaker have seen their floor price increase by 66% and is incredibly close to overtaking MAYC

However, @sprotogremlins, the NFT of choice for BITCOIN holders, have increased by a staggering 262% over the past 30 days pic.twitter.com/z7cVuRBfB4

— Nansen 🧭 (@nansen_ai) August 22, 2023

Recommended for you:

• Diana Biggs: Building Early-Stage Ventures in Web3
• FTX Taps Galaxy to Sell, Stake and Hedge Its Crypto Billions
• Friend.Tech Hype Sees Base Surpass Rival Layer 2 Blockchains in Average Transactions per Second

The floor price of Miladays has risen by 66%, approaching Mutant Ape Yacht Club, Nansen explained in a tweet thread, while Sproto Gremlins, which has a following amongst bitcoin HODLers, has surged 262% over 30 days.

Edited by Parikshit Mishra.

Newsletter Every Friday

Sign up for The Airdrop, our weekly newsletter breaking down what matters in NFTs, the metaverse and Web3.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Read more about

NFTNansenAzuki nftBored Ape Yacht ClubBAYC

About

AboutMastheadContributorsCareersCompany News

Stay Updated

EventsCoinDesk StudiosFollow

Get In Touch

Contact UsSitemap

The Fine Print

Ethics PolicyPrivacyTerms Of UseDo Not Sell My Personal Information