The NFT market appears to be experiencing a sell-off recently, with the price floors of several leading collections dropping significantly in the past week.
The NFT market appears to be experiencing a sell-off recently, with the price floors of several leading collections dropping significantly in the past week. Major collections like Bored Ape Yacht Club and Pudgy Penguins have seen declines of 37% and 24% respectively, while the broader market sentiment remains subdued.
The price floor refers to the lowest asking price for an NFT within a collection, and its decline suggests a decrease in overall demand. This trend is particularly evident among collections minted on the Ethereum blockchain, where February's total NFT trading volume fell over 10% compared to January.
This slowdown extends to the revenue generated by major NFT marketplaces. OpenSea, X2Y2, and LooksRare, all saw a significant drop in combined monthly revenue between December and February.
However, Bitcoin Ordinals collections are experiencing a spike in activity. The NodeMonkes collection saw a 65% price floor increase in the past week. This could be due to a number of factors, including an increase in demand for Bitcoin Ordinals and the price of Bitcoin breaking past all-time highs.
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