NFT traders averaging 1k ETH loss per day — blue chip NFTs floor price tanks NFT traders averaging 1k ETH loss per day — blue chip NFTs floor price tanks
The floor price of several NFT collections has significantly fallen from their previous highs, according to DappRadar data.
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Updated: Apr. 25, 2023 at 1:56 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Non-fungible token (NFT) holders are selling at losses — with traders averaging a loss of 1000 ETH daily.
According to data shared by NFTstastics, returns on trade over the last three months showed that traders lost as much as 3000 ETH on some days. The chart focuses only on secondary sales of NFT and not those selling mints for the first time.
This is a sharp contrast from what happened in the market in 2021. At the time, NFT trade gains peaked in August 2021 — when traders averaged profits of about 30,000 ETH daily.
The positive momentum continued until May 2022, when the market turned differently. Since then, traders have mostly been selling their digital assets at a loss.
NFTs floor price dips
According to available data, the floor price of several NFT collections has significantly fallen from previous highs.
For context, Bored Ape Yacht Club dropped 11.73% in the last 30 days to 51.2 ETH — a significant drop from the 77.9 ETH recorded mid-February. The decline is even more important, considering its peak floor price was 153.7 ETH as of May 2022.
Another popular NFT collection Cryptopunks has also dropped 18.27% to 49.9 ETH at the time of writing.
Mutant Ape, CloneX, RTFKT, Doodles, and Meebits have significantly declined floor prices. Most of these projects saw their floor price drop by double digits in the last 30 days.
The only exception was Azuki — which rose more than 13% during the period.
Meanwhile, President Trump’s relatively new “Series 2” NFT collection has also tumbled more than 10% below the purchase price of $99, according to OpenSea data.
Available data from other NFT aggregators like CoinGecko, and Nftpricefloor also show the same trend that the floor price of these assets has significantly fallen.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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