The Bears Troop to NFTs As Popular Collections Drop to New 2-Month Lows

Market bears jump on the NFT train, sending median prices of leading collections (BAYC, Azuki, Otherdeed for Otherside, CloneX, Moonbirds, Sandbox and others) to new 2-month lows.
Image source: @Sealaunch/Dune Analytics

Quick take: 

  • The median prices of leading NFT collections have plummeted to new 2-month lows.
  • Some of the collections also witnessed a significant drop in transaction volume.
  • On the contrary, top cryptocurrencies have bounced back since mid-June led by ETH and BTC.

Leading NFT collections plummeted to new 2-month lows over the weekend in terms of transaction volume and median price. The decline comes despite the recent rebound in crypto prices.

The crypto winter sent the entire industry plummeting during the first half of 2022, but the market has been on an uptrend since bottoming in mid-June.

However, whilst the rest of the industry continues to recover, the bears appear to be laying an onslaught on the non-fungible token (NFT) market. NFTs are described as digital files representing artwork, music videos, or collectibles stored on the blockchain. 

The bears sent the median prices of leading NFT collections crashing over the last two months.

On Sunday, the Bored Ape Yacht Club median price fell to 79 ETH, slightly above its 2-month low of 78.63 ETH, while the transaction volume of 80 ETH registered on Friday is the lowest in the last 60 days.

Other notable collections experiencing a significant decline in median floor price include:

  • Meebits fell from 114 ETH on July 8 to 1.76 ETH on August 15. 
  • CooolCats is down to 2.20 ETH from 5.05 ETH.
  • CloneX declined from 14 ETH to 6.82 ETH.
  • Doodles sank from 15.67 ETH down to 7.40 ETH. 
  • Invisible Friends is down to 1.89 ETH from 4.05 ETH. 
  • Otherdeed 3.42 ETH to 1.85 ETH. 
  • Mutant Ape Yacht Club from 20.70 ETH to 13.85 ETH. 
  • Azuki fell from 14 ETH to 6.62 ETH. 
  • Moonbirds fell from a high of 30 ETH to 12.99 ETH. 
  • The Sandbox which peaked on July 8 at 2.47 ETH dropped to 1.28 ETH.
  • NFT Worlds which suffered the unfortunate decision made by Minecraft to outlaw NFTs fell to 0.68 ETH, down from a high of 4.83 ETH on June 26.

Overall, the median prices of some of the blue-chip NFTs fell by as much as 85% over the last two months, with some experiencing declines later during that period courtesy of data provided by Dune Analytics dashboard builder @Sealaunch.

The decline in NFT median floor prices seems to be against the current industry trend, with Bitcoin rising 27% and Ether up 90% since June 15. On the other hand, the S&P 500 has rallied more than 16% over the past two months, while the NASDAQ 100 is up 22%, further illustrating how bearishly skewed the market has become towards NFTs.

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