Sales of Blue-Chip NFTs Plunge Amid Crypto Market Crash
Sales of blue-chip non-fungible token (NFT) collections Bored Ape Yacht Club (BAYC) and Otherdeed have taken a plunge amid a broader crash in the crypto market.
BAYC's sales have fallen by nearly 39% over the past week, dropping to USD 72.5m. The collection's floor price has also taken a hit, dropping to ETH 94 (229,050), a decline of more than 18%, according to NFT data aggregator CryptoSlam.
Otherdeed, also an NFT collection by Yuga Labs, which nearly crashed the Ethereum (ETH) network at its debut, has seen its sales drop by 86%, with its floor price falling to ETH 2.9 (USD 7,066), a decline of nearly 20% over the past week.
The number of new buyers of these collections has also dropped. New BAYC buyers have dropped by 19.6% over the past week, while Otherdeed has seen an even steeper decline in interest, with the number of new buyers plunging by 67.6%.
Meanwhile, Azuki is among the limited collections that have actually seen an uptick in sales. As reported, the sales of Azuki NFTs skyrocketed after a blog post by the project's pseudonymous founder sent the collection’s starting price down by around 45% at the time.
In the blog post, the founder called Zagabond admitted that he had previously been involved in a few NFT projects that were labeled as “rugpulls” by some in the crypto community.
While the news adversely affected the project's floor price, the sudden drop in the floor price resulted in an increase in demand.
Over the past seven days, Azuki sales are up 327.5%, with the volume surpassing USD 103.2m, while the floor price is down 70.6% to ETH 8.25 (USD 20,103). The number of buyers jumped by 497%.
That said, data provided by NonFungible.com shows that the cumulative NFT sales have plunged to 29,000 over the past week, a drop of more than 44.8%. However, thanks to a surge in demand for Azuki NFTs, the sales volume in USD has actually risen by 30% to USD 83m over the past week.
And all of this is happening amid a general redness in the market over this past week. At 11:14 UTC, bitcoin (BTC) is trading at USD 31,845, down 15.7% over the past seven days. In the same period, ETH fell 12.4% to the price of USD 2,439. Both coins, however, have seen a slight rise today of 1.1% and 2.5%, respectively.
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