NFT Market Crash: As NFT Floor Prices Drop, Why Are NFTs Crashing?


NFT Floor Prices Sink Amid Crypto Crash, Why Are NFTs Crashing?

The NFT market has also suffered as a result of the recent crypto meltdown.

The bad market mood has now affected the leading NFT projects, culminating in a catastrophic NFT market fall, while concerns about why crypto is down today circulate.

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The floor pricing of some of the greatest NFT projects has been lowered in half, causing them to collapse. All due to the recent crypto meltdown, which wiped out the glory of a number of blue-chip NFTs.

While the crypto industry is seeing dwindling investor interest, we've compiled some information on why the NFT market is collapsing so quickly.

What Caused the Current NFT Market Crash?

Cryptocurrencies and NFTs are inextricably linked. With the general price of cryptocurrencies down roughly 24% in the last 24 hours, some of the finest NFT projects have experienced a precipitous drop in their floor pricing.

In the previous seven days, the prices of some blue-chip NFTs, notably Bored Ape Yacht Club, have been reduced by nearly half. The floor price has now fallen to 82 ETH ($102,000). In the meantime, their Mutant Ape Yacht Club costs have dropped by 22% to $20,000.

Moonbirds, a new cryptocurrency established in Solana, was similarly hit by the current crypto crisis. Its starting price has lowered by 16% to $23,250.

What's Causing NFTs to Collapse?

As previously indicated, NFTs are inextricably related to the most popular cryptocurrencies. With the whole crypto market currently engulfed in volatility, it appears that the NFTs are suffering a significant blow as a result.

Several cryptocurrencies related to Ethereum have suffered as the price of Ethereum has fallen below $1300. Due to the turbulence in the market, their prices have dropped.

Aside from that, crypto opponents are discussing a strange bathtub effect. They characterize this as a process in which the sale of a major NFT project has an indirect influence on the pricing of other NFT projects. This is because investors are attempting to liquidate their NFT investments in order to free up funds to purchase new NFTs.

The decline in investor interest in NFTs is another major reason why the market is collapsing. According to current Google Trends data, the keyword "purchase NFTs" has experienced a large reduction, with a sharp drop of 80 percent. In addition, the Google search interest index for the keyword "sell NFT" dropped by 83 percent. All of these indicate that consumers' interest in the NFT domain is waning.

The recent Luna crypto meltdown, as well as the USDD Depeg, have affected investors' general sentiment. It's possible that it prompted them to scale back their total NFT/crypto trading.

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