NFT Market Sees Mixed Results: Floor Prices Fall in 24H, Overall Sales Increase in a Week

The market for non-fungible tokens (NFTs) is seeing a very mixed picture amid the broader crypto market downturn – a small relief rally in the floor prices was recorded in the past day by a couple of major collections with others continue to decline, and the overall trading volume for the majority of these has risen over the past week.

NFT Market Overview July 2nd 2023 – The NFT Price Floor Podcast #015

Welcome to our weekly NFT Market Overview! In this video, we’ll be taking a comprehensive look at the latest metrics and charts of the most popular NFT collections in the market.

We’ll dissect the key indicators and analyze market trends of the top NFT collections. Whether you’re an NFT enthusiast, a crypto investor, or just curious about the digital assets sphere, this video is for you!

Join our host @ColinLieb every week to gain invaluable insights about the NFT markets. If you’re ready to level up your NFT knowledge and understand what makes these top collections tick, hit the play button and let’s dive in!

Don’t forget to like, share, and subscribe for more in-depth analysis and expert commentary on the NFT and cryptocurrency markets.

(Note: The information presented in this video is not financial advice. Always do your own research before making any investments.)


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MASSIVE Bored Ape NFT Liquidations! Disaster for NFT Markets Begins

Several Bored Ape NFT holders borrowed against their NFT on BendDAO. Liquidation risk has been rising because Bored Ape NFTs floor price has been falling. BendDAO cofounder also risks being liquidated on his platform. To make matters worse, BendDAO is experiencing a bank run. The so-called “NFTfi” protocol saw its Ethereum reserves drained over the weekend, meaning ETH lenders are now unable to recoup their deposits from the protocol’s reserves. Bored Ape NFTs have long been the gold standard of NFTs, a sudden supply shock with no buyers could spell doom for the entire NFT market as a whole.

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NFT market shows signs of slowing

CNBC’s “Squawk Box” crew discuss some of the signs that the NFT market could be cooling off from its peak in May. For access to live and exclusive video from CNBC subscribe to CNBC PRO:

Has the NFT bubble already burst?

Non-fungible tokens took the art world by storm earlier this year. NFTs are a type of digital asset designed to show someone has ownership of a unique virtual item, such as online pictures and videos or even sports trading cards.

In March, South Carolina-based graphic designer Beeple, whose real name is Mike Winkelmann, sold an NFT for a record $69 million at a Christie’s auction. Jack Dorsey, CEO of Twitter, sold his first tweet as an NFT for $2.9 million later that month.

More recently, a rare digital avatar known as a CryptoPunk sold at Sotheby’s for over $11.7 million on Thursday. Total NFT sales reached an eye-watering $2 billion in the first quarter, according to data from Nonfungible, a website which tracks the market.

But new data shows the NFT hype is fading. Overall sales plunged from a seven-day peak of $176 million on May 9, to just $8.7 million on June 15, according to numbers from Nonfungible. That means volumes are now roughly back where they were at the start of 2021.

Meanwhile, prices of major NFTs appear to be sliding. CryptoPunks, one of the most popular NFT projects, fell from a weekly average of $99,720 in early May to $50,840 at the start of June. SuperRare digital art prices have fallen on average from a record of $31,778 to $5,342 in a similar timespan.

One of the main reasons for the sharp drop in the NFT market was a sudden rise and fall in sales of new crypto collectible items called MeeBits — made by the creators of CryptoPunks — according to Gauthier Zuppinger, chief operating officer of Nonfungible.

“The thing is that, each time you’ll notice such a quick increase on any trend, you’ll see a relative decrease, which basically stands for a market stabilization,” he told CNBC.

Geoff Osler, CEO and co-founder of NFT app S!NG, said the digital collectibles craze was likely driven by “pent-up demand” from wealth accumulated from rising cryptocurrency prices, and that the market now seems to be calming in tandem with a drop in crypto markets.

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