2023-04-25
The floor
price for CryptoPunks and Bored Ape Yacht Club (BAYC) NFT collections has dropped
below $100,000 in ETH value this week for the first time in several months, due
to a wider NFT market decline.
The NFT Price Floor lists ( CryptoPunks - NFT Price Floor - Chart & Stats ) the floor price for purchasing a CryptoPunk at 49.8 ETH ($93,692 at the time of writing), which is more than a 30% drop from last month.
These decreases appear to signal a larger concern: significantly decreased trading volume across the entire NFT market since mid-April, dropping by a surprising 71% according to Dune Analytics data.
The reason
for the NFT market slump is still unclear, with some pointing to increased gas
fees that rose rapidly recently, potentially due to the introduction of the
PEPE meme coin last week. SeaLaunch analysts also suggested that numerous macro
factors may be contributing to the issue, including high gas fees and liquidity
issues during the US tax season for traders.
