Top NFT Collections Experience Price Drops

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According to CoinGecko data, the floor prices of most of the top five NFT collections by market value decreased last week. Major NFT collections, including Bored Ape Yacht Club, Froganas, Mutant Ape Yacht Club, and Pudgy Penguins, experienced notable price drops over the past seven days. Let’s explore what’s happening in the NFT market.

What’s Happening on the NFT Front?

The floor price of NFT collections refers to the minimum price at which a specific NFT within the collection is listed for sale. Most of the top five NFT collections on the Ethereum blockchain network, including Bored Ape Yacht Club, Mutant Ape Yacht Club, and Pudgy Penguins, saw significant floor price drops last week.

According to data from the blockchain data analysis platform The Block’s Data Dashboard, the monthly transaction volume in Ethereum-based NFT markets has declined since the beginning of the year. While February’s total transaction volume was $786 million, this was a drop of over 10% compared to January’s $868 million.

The transaction volume in Ethereum-based NFT markets for March is currently at a low of $397 million so far. The NodeMonkes NFT collection on the Bitcoin blockchain network gained 65% in value during the same period, standing out positively against the general downtrend.

The Ethereum Ecosystem and NFT Market

The number of monthly transactions in NFT markets on Ethereum has also shown a decline since January. According to blockchain data, there were over 627,000 NFT transactions in the first month of the year, but this number dropped to 536,000 in February. So far, the total number of NFT transactions for March is at a low of 160,000, and the month is only halfway through.

The monthly revenue of NFT marketplaces, including OpenSea, X2Y2, and LooksRare, has also been decreasing since December. According to The Block’s Data Dashboard, the total revenue for OpenSea, X2Y2, and LooksRare was $3.43 million in December. However, there was a sharp decline in January, and the revenue for February fell by 51% to $1.67 million.

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