The value of the price floor for several leading Ethereum NFT collections has fallen significantly over the past week, while Bitcoin Ordinals has risen.
According to CoinGecko and Magic Eden, collections reported declines in the price floors of Bored Ape Yacht Club by 37%, Mutant Ape Yacht Club by 42% and Pudgy Penguins by 38%. Conversely, the NodeMonkes Ordinals collection on the Bitcoin (BTC) blockchain has witnessed a 65% increase in value over the same period.
The price floor refers to the minimum price at which an NFT from a collection can be purchased. The value fluctuations are accompanied by a noticeable decrease in monthly trading volumes and number of transactions for NFTs on the Ethereum (ETH) blockchain.
7-day bottom price in ETH from BAYC
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According to The Block’s Data Dashboard, trading volume fell to $786 million in February, down more than 10% from $868 million in January. By mid-March, volume is $397 million.
Furthermore, the total number of transactions on Ethereum-based NFT marketplaces has fallen since January, from over 627,000 to 536,000 in February, while the March figure currently stands at 160,000. This downward trend extends to NFT marketplaces’ monthly revenue, which fell from $3.4 million in December to $1.6 million in February, a 51% drop, impacting platforms like OpenSea, X2Y2, and LooksRare.
Read more: NFT sales drop, OpenSea drops to 4th place