Floor prices sink on NFT and Metaverse cryptos

This includes popular tokens such as APE and AXS.

Floor prices suffer as another week of lackluster performance for NFT related cryptocurrencies and those cryptos related to metaverse projects continue to see a drop in value. The sentiment towards the market remains in a very negative light as multiple rug pulls, scams, and other security issues have plagued the sector for months now.

FLOW , native cryptocurrency of the FLOW network enables the building of various dApps,NFTs, and web3 games

on the network and has seen a decline of more than 20% this recent week. The decline of FLOW was only the second largest of the 52 cryptocurrencies with a market cap surpassing $1 billion, all of this was reported from data found on Messari.

Crypto itself is facing a lot of challenges such as the Federal government of the United States and new regulatory practices , rising inflation rates, The U.S Federal Reserve and interest hikes, and security issues. The price decline of NFT related tokens ,however, can be attributed to declines in price and profits for NFTs in general as the love for the technology has stagnated a bit.

Nonfungible.com gives solid reports on the market and their Q2-2022 report shows what they call a “massive” 25% drop in traded USD between Q1 and Q2. The net profit recorde was far less than Q1 with Q2 only seeing $460 million in sales as opposed to the $2.3 Billion in sales of Q1. Most sales are made in the secondary albeit with a 46% decrease in profit resell.

Major NFT brands are also not immune to the decline as even collections such as Bored Apes have seen a massive decline in their floor price- the minimum purchase price, or cheapest price of an asset available. The floor price of this collection has seen a decline in over 50% from a high of 153.7 ETH (approx. $227,505.20 in current market value). The floor has taken an additional 5.6% slump this week.

 The ape ecosystem continues to see a downward trend as Mutant apes and ApeCoin have also hit a1.3% and 18% drop respectively over this week. A lot of this drop could be attributed to the fears of liquidation regarding the Bored Apes ecosystem.

There were more high level NFT projects that saw a decline as well with CryptoPunks seeing a 10% drop, metaverse and NFT related tokens AXS,GALA, MANA, and GMT all saw losses between 14% and 20% 

Disclaimer : Nothing on Solanews is meant to be taken as financial advise. As always do your own research and make decisions best for you and your financial situation.

Disclaimer: Nothing on Solanews is meant to be financial advise. As always do your own research and make decisions best suited for your own financial situations.

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