This year, the floor prices of some popular NFT collections have decreased. Moreover, the NFT boom of previous years has failed to gain any traction in 2023.
The NFT markets are failing. NFTs have not had the same growth as crypto markets, which have increased by 40% since the year’s beginning.
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Additionally, several of last year’s biggest and most popular collections have had trouble so far this year.
The floor price for the Doodles collection has dropped 90%, from 23 ETH to just 2.3 ETH. OpenSea was displaying a floor price of just 2.169 ETH, or about $3,900, at the time of writing.
Doodles’ sales volume in April were $2.4 million, down from $53 million in April 2022, according to CryptoSlam.
Another NFT collection that has declined from its peak is Moonbirds. The researcher found that floor prices have decreased 94%, from 32 ETH to 2.1 ETH.
According to CryptoSlam, Moonbirds’ sales volume decreased from a staggering $484 million when the project began in April 2022 to just $3.1 million last month.