NFT
Several popular nonfungible token (NFT) collections have seen their rock bottom prices fall this year. In addition, the NFT boom of previous years has not gained traction in 2023.
NFT markets are in the doldrums. While crypto markets are up 40% since the start of the year, the same cannot be said for NFTs.
NFTs and digital collectibles are losing their luster
In addition, some of last year’s biggest and most popular collections have struggled this year.
On May 22, industry influencer and observer ‘HashBastards NFTs’ revealed how much some of the top NFTs have fallen.
The Doodles collection is down 90% in terms of bottom price, from 23 ETH to just 2.3 ETH. At the time of writing, OpenSea was showing a bottom price of just 2,169 ETH, or about $3,900.
Doodles is a community-driven collectible with 9,999 items featuring art from ‘Burnt Toast’. The most expensive one listed is #8712 for 123,456 ETH (approximately $222,000).
According to CryptoSlam, Doodles sales volume reached $2.4 million in April, up from $53 million in April 2022.
Moonbirds is another NFT collection that has fallen from its heights. Rock bottom prices are down 94% from 32 ETH to 2.1 ETH, the researcher noted.
Moonbirds sales volume has dropped from a whopping $484 million when the project launched in April 2022 to just $3.1 million last month, according to CryptoSlam.
The Goblintown NFT Collection once had a floor price of 6 ETH. It’s now down to just 0.27 ETH, or $490, for one of these once sought-after non-interchangeable collectibles.
Sales volume is down 99% from $37 million in monthly sales when the collection launched in May 2022. In April 2023, only $257,670 was shifted in terms of volume.
In addition, the Invisible Friends collection has seen rock bottom prices drop by 85% from 8 ETH to 1.15 ETH. This collection of 5,000 animated invisible characters by Markus Magnusson sold $68 million when it launched in February 2022. By April 2023, sales volume had dropped to just $847,266.
CryptoSlam reports that the total NFT sales volume fell by 84% between April 2022 and April 2023.
NFT Sales Volumes 1 Year | CryptoSlam
Unload collections
On May 21, the ‘NFTstatistics’ Twitter account posted that sellers had posted a large number of NFTs on the Blur marketplace.
“Huge sellers are dumping on Blur overnight. Someone dumped 350 Doodles in bids (sales split between 4 wallets). Someone dumped 190 MAYC in bids. The person who dumped the Doodles is still long 350+ CloneX.
“By and large, these are just positions that people built over time, either by jacking off bids or pumping projects, and eventually had to ditch them,” they added.
Bored Ape Yacht Club has remained the best-selling collection in the last 30 days, with a volume of $43 million, according to Cryptoslam.