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The non-fungible tokens (NFTs) market maintains a bearish stance, with some renowned collections recording double-digit declines over the past 30 days.

ANALYSIS: NansenAi data shows major "blue-chip" NFTs dropped over 25% in floor prices last month. pic.twitter.com/PFLZgamGv6

Nansen.ai’s data shows Bored Ape Yacht Club, Mutant Ape Yacht Club, and DeGods saw floor prices plummeting by 27%, 21%, and 55%, respectively. Azuki, which drew attention in June after its Elementals NFT sold out within 15 minutes, lost 36% of its value. Azuki faced community backlash over creating identical project.

NFTs are digital assets that offer users ownership over digital or real-world assets. However, they seem to have lost the grace they once had. Well-known blue-chip non-fungible tokens have witnessed their floor prices slump by over 25% within the past month.

NFTs floor prices mean the minimum amount sellers want for items in the collection, reflecting their perceived value and the project’s popularity. Nonetheless, this metric might not always be accurate in determining NFTs’ market value, with factors such as market conditions and rarity features affecting prices.

Meanwhile, NFTs have crashed harder than Ethereum, which determines their value. Ether lost 9.6% within the past month and gained 1.9% over the last year.

Losses in the NFT markets have exceed ether’s decline, which is down 9.6% on-month.
(NFTs) have seen their floor prices decline by more than 25% in the last month.#NFTs #priceaction

While floor prices maintain a downside stance, NFT sales increased by 2.89% within the last 24 hours to $13.51 million. Meanwhile, 345,911 transactions accounted for the global non-fungible tokens trading volume.

Nevertheless, CryptoSlam’s data indicates that global yearly NFT sales slumped from around $23.5B in January 2022 to $5.5B in January 2023.

Nonetheless, there are some positive updates from the NFT space. Some lesser-known projects recorded gains. For instance, Miladys collection seems ready to surpass Mutant Ape Yacht Club as its floor price surged 66%. Further, the darling to Bitcoin Hodlers Sproto Gremlins soared a remarkable 262% within the last 30 days.

The post Top NFT collections record double-digit losses as floor prices crash appeared first on Invezz.

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