NFT Floor Prices Drop as Cryptocurrency’s Plummet Continues
Photographer: Jordan Vonderhaar/Bloomberg via Getty Images. Pictured: NFT
As cryptocurrency has plummeted over the last 75 days, so too have NFTs, most of which are paid in Ethereum.
But the fall of what were considered the so-called “blue-chip NFTs” has been even more stark.
Etheruem has dropped 64 percent since April 1, but the most lauded NFTs have seen their floor price — price for the lowest one on market — drop more than 70 percent.
On April 1, the lowest Bored Ape could be had for nearly $360,000. Seventy five days later, it’s a quarter of the price. The same discount is available for its close cousin, the Mutant Ape, at lower starting points (now $16,000).
CryptoPunks, very much considered the original NFT, have also gotten clobbered. A 74 percent drop since April 1 (near its all-time floor high) saw punks go sub $100,000 for the first time in a while.
VeeFriends was among the most hurt, down more than 80 percent, some of it undoubtedly because it lost its immediate utility with VeeCon conference access that came with the NFT.
NFT & Crypto Floor-Price Changes Since April 1
(Data from CoinGecko)
Bored Ape YC
April 1: $359,968
June 13: $87,951
Percent change: 75.6%
Mutant Ape YC
April 1: $75,478
June 13: $16,059
Percent change: 78.7%
April 1: $226,075
June 13: $58,464
Percent change: 74.1%
April 1: $39,347
June 13: $7,347
Percent change: 81.3%
April 1: $3,455
June 13: $1,253
Percent change: 63.7%