In the midst of the Crypto Crash, the floor price of popular NFT collections like Bored Ape Yacht Club and CryptoPunks plummets. Taking advantage of the unexpected opportunity, investors massively buy the tokens of these collections.
Since the beginning of June 2022, the cryptocurrency market has been collapsing. The fall is so vertiginous that this event already has a name: the Crypto Crash.
The value of Bitcoin crashed from around $30,000 on June 11, 2022 to $20,000 on June 13. The main cause of this crash generalized would be a massive sell-off by investors, fearing inflation.
In general, investors seem stay away from riskier assets. This behavior is also reflected on the stock market.
Bored Ape Yacht Club floor price plummets
Bitcoin dragged down all cryptocurrencies, but also the NFT market. the floor price of some of the more expensive collections has crashed, both in ETH and in US dollars.
This price drop concerns the three main collections of NFTs in terms of trading volume: the Bored Ape Yacht Club (BAYC), the Mutant Ape Yacht Club (MAYC), and CryptoPunks.
According to data from Dappradar, the floor prices of these three collections decreased by 31%, 27% and 16% respectively. Average prices are also down for BAYC and MAYC, but that of CryptoPunks only declined by 2%.
As a reminder, the floor price is the price of the cheapest NFT in a collection. This metric is often used to measure the popularity of a collection.
In American dollar, the floor prices of these three collections decreased by 45%, 45% and 31% respectively. According to data from CoinGecko, the floor price is also impacted by the drop in value of ETH, which fell by 32% in one week.
Trading volume of NFT projects explodes
If the floor price of the most popular NFT collections is falling, trading volume on the contrary seems to fly away. Among the 10 most popular projects, eight experienced a 115% increase in trading volume between June 13 and 14, 2022.
This concerns Bored Ape Yacht Club, Mutant Ape Yacht Club, CryptoPunks or even Sorare. All these collections have increased their trading volume by at least 100% in the last 24 hours according to data from CryptoSlam.
Clearly, investors are looking to take advantage of the price drop to grab hitherto coveted NFTs.
On the other hand, the trading volume of Goblintown decreased by 35.54%. That of the Moonbirds collection is down 64.11%. These are the only two collections in the top 10 whose trading volume has declined since yesterday.
BAYC NFT trading volume has exploded by 262.79% in the past 24 hours, for a total of $7.1 million in sales.
Other popular collections are enjoying a trading uptick, including MAYC, Otherdeed and CryptoPunks with a respective increase of 173.49%, 157.88% and 122.69% in 24 hours for the sums of 3.4 million dollars, 2.6 million dollars and 2.5 million dollars.
Note that these four collections are owned by Yuga Labs. Once again, the Californian firm is leading the dance in the NFT market.
Among the various marketplaces, OpenSea is the platform that benefits the most from this sudden boom. According to data from DappRadar, trading volume increased of 173.43% for a total of 23.88 million dollars in sales.
However, the number of traders on OpenSea declined by 15.39% over the same period to 29,300. It can be inferred that only a small number of wealthy investors continue to trade non-fungible tokens…