Bored Apes, CryptoPunks Fall Below $100K as NFT Momentum Stalls
The floor prices for popular NFT collections CryptoPunks and Bored Ape Yacht Club (BAYC) have fallen below $100,000 worth of ETH for the first time in months, as the broader NFT market experiences a slump in trading stats not seen in years. Daily NFT trades across all marketplaces have dropped a stunning 71% since mid-April, with just shy of 20,000 on Thursday, figures not seen since late 2021. While some point to macro factors, such as high gas fees and liquidity issues leading up to the U.S. tax deadline, others suggest the rise of relatively new NFT trading platform Blur may have manipulated the market by encouraging traders to make meaningless trades for financial rewards. Blur’s activity has dominated the market, accounting for over 60% of all NFT trading volume over the last week, but their rewards system may have dampened genuine NFT marketplace activity. While some see the figures as an indication that the long-awaited “bottom” of the crypto and NFT bear market is finally in, others suggest even lower figures are possible.
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