The general decline in the cryptocurrency market seems set to worsen. Just look at the hostile border that currently stands between those who decide to sell at the bottom (this remains to be demonstrated) and those who were just waiting for this opportunity to reload. Because the fact is impossible to ignore, the current prices are a real boon for investors convinced that the market will eventually go up. With the unexpected possibility of joining the community of happy owners of emblematic NFT collections, for a price deemed “ridiculous. In any case, compared to those practiced just a few months ago.
It is an impossible fact to ignore, the cryptocurrency market is not in its best shape. Because it is more than 200 billion dollars that the latter has just seen go up in smoke, with the last drop in Bitcoin below the $23,000 mark. A real blow for some. But the start of summer sales for others, with visibly deeper pockets. Because those who had the good idea to take profits during the 2021 bull market are in for a treat.
A reality that visibly affects the NFT token market. A booming sector since last year, despite a noticeable slowdown in recent months. But with projects that have become emblematic at the head of historical records, both in terms of price and sales volumes. And obviously, even in times of crisis, the success of this still emerging sector continues to be confirmed. Because its main collections have recorded a significant increase in their volumes over the last 24 hours.
NFT – A market in its own right
The NFT market has nothing to do with the cryptocurrency market. Because even if their link remains undeniable, the populations of investors affected and their operating logics are clearly different. Especially considering that in the case of these digital images, their enthusiasts go by the name of collectors. With principles inherent to this new digital economy, such as the establishment of floor prices. Or the creation of white lists in order to manage the often risky launches of new collections repeatedly. Each of them promising to become the next success of the sector.
But places are expensive in the ranks of these VIP collections. Especially if we consider that the Bored Ape Yacht Club (BAYC) occupy the top of this ranking, without ever faltering. And that, at the same time, his creative studio Yuga Labs alone holds 5 of the biggest hits currently ranked in the Top 10 of the sector. That is to say the Mutant Ape Yacht Club (MAYC), its virtual land project Otherdeed but also the newly acquired CryptoPunks and Doodles from the Larva Labs structure. These account for a significant share of the increase in transaction volumes recorded over the past 24 hours.
NFT – Transaction volumes are exploding
Because while Bitcoin is returning to a cellar that it had not been to visit since December 2020, the NFTs market is recording a significant increase in its activity. With unbelievable transaction volumes in relation to the most popular collections in the sector. And, not surprisingly, it is the monkeys of the Bored Ape Yacht Club who are leading this floor price race. With an increase of more than 260% according to data from the CryptoSlam site. But its Mutant version also shows +173%, while the Doodles come in second place with a nice +193%.
And the main reason for this enthusiasm is simple: the floor price of these collections is currently in freefall. It is enough to see that of the BAYC passed today below the bar of 75 ETH. That is to say simply divided by 2 since last April (around 150 ETH). Or that of the Doodles, which has gone from 22.5 ETH to 8.8 ETH at present. Or more recently, Otherdeed virtual land plots which point to 1.8 ETH as they were selling for a minimum price of 4 ETH just 1 month ago.
All this taking into account that at the same time, the price of Ethereum fell from around $3000 to less than $1225 currently. And that it is most often rarer copies that are purchased, with prices well above the current floor price. As in the case of the BAYC collection, with an average of 120 ETH over the last 24 hours.
Another notable fact is that once again the Opensea platform is benefiting from this enthusiasm on the NFTs market. With an increase in its transaction volumes of more than 170%, for an estimated gain of $23.8 million in actual sales on June 13 alone (yesterday). But a plummeting number of users, with a reduction of more than 15% in its workforce over this same period.