Floor prices for the NFT CryptoPunks collection and Bored Ape Yacht Club (BAYC) dropped below $100,000 in ETH value this week for the first time in months. Due to the broader NFT market slump.
49.8 ETH ($93,692 at writing) is the floor price to buy CryptoPunk, according to NFT Price Floor indicated, down more than 30% from last month.
These lower numbers appear to be a sign of a bigger concern: that is, less trading volume has been happening across the NFT market since mid-April. an astonishing drop of 71%, according to Dune Analytics.
The reason for the fall in the NFT market volume is still unclear. Some have pointed to the recent increase in gas fees, likely due to the meme coin PEPE’s arrival last week. This may explain this phenomenon. Analyst firm SeaLaunch pointed to a number of macro factors that could play a role. From high gas fees to traders experiencing liquidity during US tariffs.
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