Top non-fungible tokens (NFTs), including Mutant Apes, Cool Cats, and y00ts, have lost value in the past 24 hours on the sidelines of a muted performance by the crypto market.
According to NFT Price Floor, the global NFT market cap was 3,678,293 ETH at the time of writing. It is a decrease of close to 3% over the previous day.
Top NFTs Lose Value in April
While utility and profitability influenced purchasing decisions for NFTs, the once-dominant performers have lost value. CryptoPunks, the market capitalization leader, has cut the price floor by 2.52% in the last day.
CryptoPunks is a collection of 10,000 distinct avatars produced by Larva Labs. The collection’s value dropped by about 9% in the past seven days. This week, the collection remains in the news as Sotheby’s announced its intention to auction its art collection, which includes CryptoPunks NFTs.
Yuga Labs’ Bored Ape Yacht Club has likewise lost more than 6% in the week, according to NFT Price Floor. With 50 purchases in the last 24 hours, the price floor of Bored Ape Yacht Club has dropped 5.66%.
The same creator’s Mutant Ape Yacht Club lost 9.7% in the past week, while the price floor of the collection is down 6% in a day. The Ethereum-based initiative had 172 sales in 24 hours and is still the third-largest collection by market capitalization. Meanwhile, OpenSea records a 226% rise in its sales figure, but the price floor has taken a 12% hit. The slash in value has remained constant in the past month, but the fall has magnified by 22% in the last 90-day period.
The declining trend is not exclusive to the top collections by market capitalization; popular collections are also seeing a drop in floor price. According to NFT Price Floor, Cool Cats’ current price floor is down 3% in 24 hours, with 59 sales.
Despite strong sales data, examining the last 30 and 90 days reveals a widespread loss in value. The Cool Cats floor price has dropped by more than 60% in the last three months.
Notably, Cool Cats Group, the web3 firm behind the collection, recently announced a partnership with Futureverse. The collaboration was announced this month, but records reveal that floor prices and trade volumes have continued to tumble since mid-February.
Crypto Market Goes Quiet as Well
DeLabs’ y00ts NFT collection has lost a massive 16% in the run-up to the week up until now. The 24-hour trading has also pushed the price floor down by 0.87%.
The floor price is down close to 20% on OpenSea in the past week. The difference between Cool Cats and y00ts is that the latter has seen a 37% drop in volume and floor price in the past week.
The recent decrease in the NFT floor comes on the heels of a weakening crypto market. In addition to significant market cap losses, Bitcoin has fallen back below $30,000. Analysts predict interest rates to rise as consumer prices in the United Kingdom unexpectedly remained over 10% in March.
According to CNBC, Atlanta Federal Reserve President Raphael Bostic stated that the U.S. central bank could raise interest rates. As part of the monetary policy, he expects another 25 basis points rise.
Disclaimer
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Source: https://beincrypto.com/mutant-apes-cool-cats-y00ts-nfts-downward-spiral/