The NFT market plummets with the crypto industry

The cryptocurrency market has been suffering a bearish few months, with a massive market sell-off seeing over 15% of Bitcoin’s trading value shredded in just 24 hours. Bitcoin price, along with the other altcoins in the industry, isn’t the only decentralized token to suffer the crypto winter. The non-fungible token (NFT) industry has also experienced a plummet in floor prices for leading project collections.

The floor price of NFTs

The floor price for Bored Ape Yacht Club (BAYC) and CryptoPunk collections – two of the most well-known and established projects in the industry – has fallen to a value of less than 50% of their all-time high price tags experienced. Pieces in the BAYC collection had an all-time high of just over 153 ETH, with the floor price now sitting at 74 ETH. CryptoPunks’ collection pieces saw recorded highs of 123 ETH, and the floor price now has dipped to 48 ETH according to NFT Price Floor.

According to DappRadar, an analytics firm that follows and tracks decentralized application and platform metrics, there has been a massive 14% dip in the number of active users trading on OpenSea.io. The monthly trading volume has fallen by 65% to 500 million USD after a major industry sell-off. There was, however, an increase in the number of transactions over the past month – a result of collectors selling off their NFTs before the market possibly falls further.

Investors and collectors might have preemptively sold pieces following a warning from Gordon Goner, one of Yuga Labs’ co-founders. The warning from the firm that owns both BAYC and CryptoPunks collections cautioned investors and collectors of a possible attack on the firm’s social media accounts. According to Goner:

We’ve received credible information that there may soon be an attack on our social media accounts, using an inside source at @Twitter to bypass our security.

There are no surprise mints. Ever.

— GordonGoner.eth (@GordonGoner) June 11, 2022