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Mixed Performance in the NFT Market
Non-fungible tokens (NFTs) outperformed their fungible peers over the past seven days, with the 10 largest collections registering a 6.4% average gain in the period, according to price aggregator NFT Price Floor.
Meanwhile, the fungible token sector registered an average performance of negative 8.6%, with only native tokens from centralized exchanges recording positive returns.
The Top 10 NFT Collections
The NFT collection with the most significant upside was the Space Doodles, with a 44.7% upside in their dollar-nominated price.
Pudgy Penguins’ secondary collection, Lil Pudgys, went up by 35.1% and had the second-largest returns among the top 10 collections. This performance was closely followed by Space Doodles’ primary collection, Doodles, and its 34.8% weekly growth.
Azuki and Pudgy Penguins also recorded positive movements, increasing 14.2% and 14%, respectively. Meanwhile, Bored Ape Yacht Club (BAYC) and CryptoPunks, two of the most popular NFT collections in the market, weighed down the average returns of the top 10 collections.
Market Trends
Bored Ape NFTs slumped nearly 19%, while CryptoPunks and BAYC spin-off, Mutant Ape Yacht Club, fell 9.35% and 15.77%, respectively, over the same period.
The NFT market is still stale on the three largest blockchains by trading volume, as data from CryptoSlam shows that weekly NFT sales on Ethereum (ETH) surpassed $129 million but are down 28.5%. NFT trading on Bitcoin (BTC) amassed a significantly smaller volume, reaching $29.3 million, with a 46% weekly slump. Solana (SOL) wrapped the top 3 blockchains by NFT activity, with $24.3 million in volume and a 38.5% negative weekly variation.
Fall from Glory
Despite the two-digit gains on most of the top 10 NFT collections, their floor prices are still far from their peaks. CryptoPunks peaked at nearly 114 ETH on October 8, 2021, and its floor is priced at 39.89 ETH as of press time – a 65% drawdown.
The Bored Ape NFTs, arguably the most popular collection from the past bull cycle, reached their all-time high at 128 ETH on April 22, 2022. However, they are down nearly 87% at the current price of 17 ETH.
Meanwhile, the Mutant Ape Yacht Club items registered the worst correction among the top 10 NFT collections compared to their all-time highs. Their current price of 3.12 ETH is down 91% from the 35.58 ETH they registered on April 27, 2022.
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Conclusion
The NFT market continues to experience mixed performance, with some collections registering significant gains while others experience significant losses. While the top 10 collections saw an average gain of 6.4%, the fungible token sector registered a significant decline. The NFT market remains stagnant on the three largest blockchains by trading volume, with sales decreasing and prices falling.
FAQs
Q: What is the current state of the NFT market?
A: The NFT market is experiencing mixed performance, with some collections registering significant gains while others experience significant losses.
Q: Which NFT collection saw the most significant upside in the past week?
A: The Space Doodles saw a 44.7% upside in their dollar-nominated price.
Q: Which NFT collection saw the largest decline in the past week?
A: The Bored Ape NFTs slumped nearly 19%.
Q: What is the current floor price of CryptoPunks?
A: The current floor price of CryptoPunks is 39.89 ETH, a 65% drawdown from its all-time high.
Q: What is the current floor price of Bored Ape NFTs?
A: The current floor price of Bored Ape NFTs is 17 ETH, a 87% decline from its all-time high.
Q: What is the current floor price of Mutant Ape Yacht Club?
A: The current floor price of Mutant Ape Yacht Club is 3.12 ETH, a 91% decline from its all-time high.
