The NFT sales have been constantly dropping since early 2022. The floor prices of some of the top NFT collections plunged further over the past week.
According to data provided by CoinGecko, over the past week, the floor prices of Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) declined by 21% and 27%, respectively.
Per the price aggregator, the starting cost of a BAYC collectible sits at 24.5 Ethereum (ETH), worth around $41,060 at the time of writing.
MAYC’s floor price is currently at 4.6 ETH, worth roughly $7,700 with a $150.15 million market capitalization.
Moreover, Azuki and Moonbirds NFTs both recorded 25% drops over the past week. The floor prices of each collection currently stand at 3.9 ETH ($6,535) and 1.24 ETH ($2,080), respectively.
Other collections — Cool Cats, Doodles, Azuki Elementals, DeGods, Pudgy Penguins, and CryptoPunks — also registered notable declines over the past seven days.
The downfall comes while the amount of NFT sales over the past 24 hours, according to CryptoSlam, reached $13.51 million, marking a 2.89% hike. The global NFT trading volume came from a total of 345,911 transactions.
Furthermore, data provided by CryptoSlam shows that the global annual NFT sales plunged from roughly $23.5 billion on Jan. 1, 2022, to $5.5 billion on Jan. 1, 2023.
Most NFT all-time sales have been done on the OpenSea marketplace — reaching almost $36 billion.
According to a crypto.news report on Aug. 23, a former OpenSea executive, Nathanial ‘Nate’ Chastain, has been charged with insider trading and money laundering. Chastain is sentenced to three months in jail and is obliged to return the assets he gained from his activities.