Rovell: NFTs Crash as Bitcoin and Ethereum Fall, Bored Ape Floor Down 53 Percent in 10 Days (May 9)

Rovell: NFTs Crash as Bitcoin and Ethereum Fall, Bored Ape Floor Down 53 Percent in 10 Days (May 9) article feature image

Via NurPhoto/Getty Images. Pictured: Bored Ape Yacht Club collection in OpenSea displayed on a phone screen and NFT logo displayed on a screen are seen in this illustration photo taken in Krakow, Poland on April 19, 2022.

Plummeting cryptocurrency prices are wreaking havoc on NFTs. On Monday, as Bitcoin and Ethereum flirted with 10 percent drops, the sale of NFTs fell too.

The so-called blue-chip NFTs were not saved from the carnage.

One person who sold off was the owner of Bored Ape #4688, who bought it just two weeks ago for $418,656. He sold it Monday for $240,596, a loss of $178,060.

It was just 10 days ago that the floor price — the cheapest price for a Bored Ape — was $419,273. By 5 p.m. ET on Monday, the floor was down to $198,230, a drop of nearly 53 percent.

One Cryptopunk sold for $106,111, the lowest price for a Cryptopunk in nine months.

There's also less interest in buying NFTs. On Sunday, there were fewer than 40,000 unique buyers of NFTs, according to tracking site Cryptoslam. It was only the fourth time since Aug. 1, 2021 that the unique buyer number went under 40,000.

Otherdeed, the virtual land NFT from Yuga Labs, the owners of Bored Apes and Cryptopunks, sold $780 million worth in the first five days of the month. Since then, things have cooled, having seen $46 million since.

The only project that seemed to be immune from the decline were Doodles, which recently hired a Billboard executive to be its CEO. Odds are Doodles owners are willing to hold out thanks to the company announcing that anyone holding a Doodle on May 12 will receive a Dooplicator, "a functional piece of Doodle machinery with extraordinary powers."

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