- The fall of ETH has affected the value of its derivative products, as is the case of NFTs, which reached minimum prices.
- The decline of several NFT projects has created a unique buying opportunity for investors, especially those interested in acquiring NFTs at cheaper prices.
- NFT trading volume has increased by 54% in the last few hours.
Life and business can be compared to many things, in order to make an analogy that explains a specific situation or act. In this case, it is possible to say that businesses such as digital assets and their products are like a wheel of fortune, since sometimes it is up and sometimes it is down.
For several weeks the digital market has been in this last stage, since it has suffered significant falls, not only in crypto assets, but also in other products such as the case that concerns us today, that is, non-fungible tokens or NFT.
On June 13, the digital asset market suffered a new stumble, presenting a 14 percent drop in overall value, along with a 16 percent drop for the Bitcoin asset and an 18 percent drop for Bitcoin. ethereum.
Similarly, the prices and sales of non-fungible tokens have been affected as these have also been falling as bears take advantage of this situation by buying more NFTs.
BAYC’s value falls below $100,000
This has evidently affected well-known collections such as the Bored Ape Yacht Club (BAYC), whose minimum prices lost significant value in US dollars.
To make the idea clearer, the minimum price, is the representation of the lowest price of a collection of non-fungible tokens and not the average price, so basically, we are talking about the lowest price for acquiring a single NFT from a collection.
According to information collected by the portal NFT Price Floor, The minimum price of Bored Apes presented a significant drop, being below $100 thousand dollars for the first time in almost a year, which represented a decrease of 16%.
Likewise, other important collections presented declines during the crypto crash: Mutant Ape Yacht Club fell 22 percent to about $20,100 (14 ETH), Moonbirds fell 16 percent to about $23,250 ( 16.2 ETH), Doodles lost about 21 percent from the minimum value to $11,650 (8.1 ETH), and Meebits fell 27 percent to $4.050 (2.8 ETH).
However, as negative as this might sound, The Bored Ape Yacht Club still maintains its position as the largest NFT project, with a market capitalization of approximately $1.7 billion.
Investors take advantage of buying opportunities
Although the fall of several NFTs has apparently created a unique buying opportunity for investors, especially those interested in buying NFTs at cheaper prices.
In accordance with Decrypt Non-Fungible Tokens Trading Volume Soared 54% in Last Hours, as digital asset markets go down.
Thus, the main NFT projects such as BAYC and MAYC for example, have suffered a growth of more than 100 percent in trading volumes in 24 hours, due to the fact that, as we pointed out before, investors are hunting for Cheaper NFTs, as their floor prices fall.
Thus, according to information from the specialized portal CryptoSlam, Eight of the top ten non-fungible token projects in terms of 24-hour trading volume have managed to capture 115 percent growth in trading volume.
As expected, the lead was taken by the Bored Ape Yacht Club non-fungible tokens, which showed a substantial growth of 262.79 percent in the last 24 hours.
According to NFT Price Floor, the current minimum price of Bored Ape Yacht Club is 80 ETH and the 24-hour trading volume is $4,426.7 ETH which represents a growth of 21.87% in the last 4 hours with 51 sales.
But not only the NFTs have been seen, so to speak, benefited recently, since according to estimates of the site DappRadarthe well-known OpenSea market, has been the one who has taken the greatest advantage of the increase in the volume of operations, this due to the fact that the platform managed to register a growth of 173.43 percent in the volume of operations.
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