- Bitcoin’s network saw more NFT sales than Ethereum’s last week.
- BAYC and CryptoPunks bottom prices also fell to multi-month lows
The sales volumes of non-fungible tokens (NFTs) on Bitcoin [BTC] network rose last week, surpassing that of Ethereum [ETH]according to data from CryptoSlam.
During the aforementioned period, Bitcoin NFT sales volume totaled $43 million, up 26%. Although Ethereum’s weekly NFT sales volume also rose 17%, it was “only” $40 million.
This is despite the fact that 99,297 NFT transactions were completed on Ethereum last week. Bitcoin, on the other hand, recorded 55,351 NFT transactions.
In the last 14 days, the total value of all NFTs sold on the Bitcoin network was $77.02 million. According to CryptoSlam, Ethereum’s NFT sales volume during the same period was $71 million.
State of the NFT market
The week before was marked by a decline in the overall cryptocurrency market. In fact, the global cryptocurrency market cap fell 4% in just seven days.
This decline impacted the NFT ecosystem, which also declined in value. According to NFTGolast week’s NFT trading volume was $85.39 million, down 3% on the charts.
This led to a drop in NFT market capitalization – worth $7 billion at the time of writing – after an 11% depreciation in the past seven days.
Source: NFTGo
Floor prices are reaching new lows
A look at the leading NFT collection, Bored Ape Yacht Club (BAYC), revealed a decline in its price floor in recent weeks.
After peaking at 13.7 ETH on May 31, the floor price of an NFT in the BAYC collection has since fallen 25%, according to NFTPrice Floor.
The last time BAYC’s floor price was this low was on April 15.
Source: NFTPriceFloor
Over the past month, BAYC has seen a decline in sales volume as the daily number of merchants buying and selling NFT pieces from the collection declined. Over the past 30 days, BAYC’s sales volume was $12 million, down 34%.
As for the CryptoPunks NFT collection, the floor price at the time of writing was 27.42 ETH, which is the lowest price yet.
Source: NFTPriceFloor
After peaking at 63 ETH on January 24, the average price of an NFT in the collection has since fallen by as much as 57%.