NFT Floor Prices Are Crashing Again – Here’s What Fueling The Downtrend

The non-fungible token market has entirely changed from what it used to be a few years back. Recently, the hype around many NFTs has faded, with all the new NFT projects, such as Azuki Elementals, Ether Mint, Captainz and DeGods Season III, crumbed after the initial hype.

NFT Floor Prices Are Crashing Again

Data compiled by nftfloorprice.com, an on-chain data aggregator, shows that the recent bear market has already spread roots across most NFTs. Before we explore what has been fueling the recent downturn, we have listed some NFT floor prices that have suffered a brutal comedown in the past seven days.

Source: nftfloorprice.com

1. Bored Ape Yacht Club NFTs

Bored Ape Yacht Club, an NFT collection from the digital asset firm Yuga Labs featuring a fixed set of 10,000 NFTs hosted on the Ethereum network, has suffered another flip on its NFT floor price. In the past seven days, Bored Ape NFT floor price has fallen 16.21% to 23.99 ETH.

2. Mutant Ape Yacht Club NFTs

Mutant Ape Yacht Club, an NFT collection from the digital asset firm Yuga Labs featuring a limited set of 20,000 NFTs hosted on the Ethereum network, is another NFT collection that has plummeted in its floor price in recent days. Its NFT floor price has dropped 19.77 % in the past seven days to 4.5 ETH.

3. DeGods NFTs

DeGod is an NFT collection from the digital asset firm Dust Labs, featuring a limited supply of 10,000 NFTs hosted on the Ethereum network. Despite launching their new Season III NFT collection recently, DeGods NFT floor price has plummeted 37 % to now just 3.99 ETH.

4. Bored Ape Kennel Club NFTs

Bored Ape Kennel Club is another NFT collection from the popular digital asset firm Yuga Labs, featuring a fixed set of 9602 NFTs hosted on the Ethereum network. This NFT collection has shrunk on its floor price in recent days. Bored Ape Kennel Club NFT floor price has dropped 25% to 1.5 ETH in the past seven days.

5. Moonbirds NFTs

Moonbirds is an NFT collection from the prominent American internet entrepreneur Kevin Rose, featuring an owl character with varying attributes hosted on the Ethereum network. Moonbirds NFT collection has also suffered a brutal comedown in recent days. In the past seven days, Moonbirds NFT floor price has dropped 17% to 1.19 ETH.

6. Y00ts NFTs

Y00t is another NFT collection from the digital asset firm Dust Labs, featuring a limited edition of 15,000 NFTs. The NFT collection recently announced that it would migrate from Polygon to Ethereum, the world’s largest network for NFTs. Y00ts NFT floor price has dropped 45 % in the past seven days to 0.724 ETH.

7. Doodles NFTs

Doodles is an NFT collection from Canadian-based digital artist Burnt Toast, featuring a limited edition of 10,000 simple portraits of multicoloured cartoon characters hosted on the Ethereum network. Doodles NFT floor has dropped 5.19% in the past seven days to 1.37 ETH.

8. The HV-MTL NFTs

The HV-MTL is another NFT collection from the digital asset firm and Bored Ape NFT creator Yuga Labs featuring a fixed set of 30,000 Mechs derived from eight different powerhouses. These NFTs have shrunk 11% in their floor price in the past seven days to 0.60 ETH.

9. Meebits NFTs

Meebits is an NFT collection previously from the digital asset firm Larva Labs but is now owned by Yuga Labs. The NFT collection features a limited edition of 10,000 NFTs hosted on Ethereum. The NFT collection has dropped 10% to 0.96 ETH in the past seven days.

Source: nftfloorprice.com

10. Pudgy Penguin NFTs

Pudgy Penguins is a non-fungible token collection of 8,888 NFTs, accelerating Web3 innovation through IP utilization and community empowerment. Pudgy Penguin floor price has declined 10% to 3.6 ETH in the past seven days, closing our NFT floor list this week.

Are NFTs Dead?

Indeed, most non-fungible tokens are spiralling down following the recent royalty dumping. Nonetheless, this does not mean they are dead. Despite spiralling down in floor prices, a strong community still holds many NFT projects tight. This is one of the best reasons why many NFTs will remain relevant.

Digital asset firms Yuga Labs and Pudgy Penguin are perfect examples showcasing the future of NFTs. The two digital asset firms have found the recent bear market the perfect time to build. Yuga Labs is building games and lore, while the Pudgy Penguins NFT team is building IP and toys.

Insights on the State of NFTs Today

1) Hype is dead

Azuki + Elementals, Captainz reveal, Ether mint, & DeGods S3 all crumbled after hype

2) Utility is dead

NFTs delivering utility are all down bad. BAYC is approaching 1/2 of a floor punk

3) Liquidity is dead

Not… pic.twitter.com/AvJOtxT7S9

— JBond (@jbondwagon) August 20, 2023

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