Key Points
- Bitcoin’s network experienced a surge in non-fungible token (NFT) sales, surpassing Ethereum’s sales volume last week.
- The NFT market and popular collections like Bored Ape Yacht Club (BAYC) and CryptoPunks saw a decline in value and floor prices.
Last week, the Bitcoin network saw a significant increase in non-fungible token (NFT) sales.
The volume of these sales surpassed that of the Ethereum network, as per data from CryptoSlam.
Bitcoin vs Ethereum NFT Sales
Bitcoin’s NFT sales volume reached $43 million, marking a 26% increase.
Meanwhile, Ethereum’s NFT sales volume also grew by 17% but totalled only $40 million.
Despite this, Ethereum completed 99,297 NFT transactions last week, while Bitcoin recorded 55,351 transactions.
Over the past two weeks, Bitcoin’s total NFT sales value was $77.02 million, surpassing Ethereum’s $71 million.
The Current NFT Market Status
The previous week saw a downturn in the general cryptocurrency market, with the global cryptocurrency market capitalization falling by 4% within a week.
This decline also impacted the NFT ecosystem, causing a decrease in value.
According to NFTGo, the NFT trading volume last week was $85.39 million, a 3% drop.
This resulted in a decrease in the NFT market capitalization, which is currently worth $7 billion, after depreciating by 11% in the last week.
Floor Prices Reach New Lows
The Bored Ape Yacht Club (BAYC), a leading NFT collection, experienced a drop in its floor price in recent weeks.
After reaching a peak of 13.7 ETH on 31 May, the floor price of a BAYC NFT has since fallen by 25% according to NFTPriceFloor.
The last time BAYC’s floor price was this low was on 15 April.
Over the past month, BAYC’s sales volume has also decreased, with the daily count of traders buying and selling NFTs from the collection dropping.
In the last 30 days, BAYC’s sales volume totalled $12 million, a 34% decrease.
The CryptoPunks NFT collection also saw a decline in its floor price, which was 27.42 ETH at press time, marking its lowest for the year.
After reaching a peak of 63 ETH on 24 January, the average price of a CryptoPunks NFT has since fallen by a significant 57%.
