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NFT Market Value
Plummets by Over 80%

16/11/23

By:

Dan O'Connor

The once-booming NFT market has experienced a dramatic downturn.

The once-booming NFT market has experienced a dramatic downturn, with values dropping by over 80% since their all-time high in 2022.


This decline is evident in the floor prices of major NFT collections, which have lowered significantly in recent months. For instance, the floor price of Bored Ape Yacht Club (BAYC) NFTs, possibly the most recognisable of all the NFT collections, were once valued at around 300 Ethereum (ETH) and have now fallen below 50 ETH, representing an 83% decline.


This trend is not limited to BAYC NFTs; the floor prices of other popular collections, such as CryptoPunks and Doodles, have also experienced significant drops. The overall NFT market cap has also declined sharply, falling from over $300 billion in 2022 to under $50 billion today.


Several factors have contributed to the NFT market slump. One key factor is the broader cryptocurrency bear market, with the value of ETH, the primary currency used for NFT transactions, falling by over 70% since its peak in 2021. Additionally, the hype surrounding NFTs has somewhat subsided, and investors are becoming more cautious about investing in these digital assets.


Despite the recent downturn, some experts believe that the NFT market has the potential to rebound in the future. They point to the growing adoption of blockchain technology and the increasing interest in digital collectibles as evidence of the long-term potential of NFTs.


Here are some key figures that illustrate the decline in NFT values:

  • The floor price of BAYC NFTs has fallen by 83% since its all-time high.

  • The floor price of CryptoPunks NFTs has fallen by 74% since its all-time high.

  • The floor price of Doodles NFTs has fallen by 68% since its all-time high.

  • The overall NFT market cap has fallen by over 80% since its all-time high.


Affiliate Flash’s Take:


While the future of the NFT market remains uncertain, the recent slump has certainly dampened investor enthusiasm. However, some experts believe that the market has the potential to rebound. NFTs as a concept is still in its fledgling stages, which can be very volatile, you just need to look at cryptocurrency as an example of that. It will be interesting to see how the NFT landscape evolves in the years to come.


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