Quotes for non-fungible tokens (NFTs) have dropped significantly over the past 14 days.
Despite high sales figures in April, the token value of large NFT projects began to decline significantly in May. According to NFT Price Floor data, the average value of tokens of Bored Ape Yacht Club (BAYC), the most popular NFT project, has dropped by more than a quarter over the past two weeks. The data here and below is as of May 11, 2022, 14:00 (GMT+3).
Amid the overall decline of the crypto market due to Bitcoin’s (BTC) fall, which recently set a local low since the beginning of the year, the collapse of NFT quotations turned out to be just a matter of time.
The last two weeks were the most loss-making for Azuci, with its tokens falling in price by more than 63%. The MAYC collection lost almost 42%. The average price of CriptoPunks and Moonbirds tokens collapsed by 15% and 19%, respectively, over the past 14 days. And the average price of the BAYC tokens has fallen by nearly 26%.
The capitalization of BAYC fell by 17.23% during the month and reached $2.5 billion, DappRadar reports. The capitalization of Mutant Ape Yacht Club (MAYC) saw a decline of 39.08% to $928.92 million. The same situation is observed with other popular projects. For instance, CryptoPunks is capitalized at $1.28 billion, a total loss of 35.99% over the last two weeks.
According to Michael Bucella, a partner at BlockTower Capital Advisors, despite the formation of significant NFT portfolios over the past six months, the market remains non-liquid as a whole. In an interview with Bloomberg, he said that we can expect a massive sell-off from NFT collectors in the near future.
Recall that Meta announced the integration of non-fungible tokens (NFTs) into Instagram.