NFT traders are looking for opportunities or panic selling as ETH takes a hit in value
The floor price of the top ten NFT collections on DappRadar is down by 25% on average as the FTX exchange collapsed. This drop in value brought about a frenzy of buying activity and pushed sales of Bored Ape Yacht Club NFTs up by more than 200%, while MAYC sales are up over 100% in the last seven days.
The collapse of Sam Bankman-Fried’s FTX exchange and the subsequent hack is seen in the industry as a watershed moment for increased user protection and appropriate use of funds. Meanwhile, the ensuing falling value of ETH has led many to speculate on blue-chip NFTs with the expectation the price will rocket once the dust settles on this latest crypto catastrophe.
Blue Chip NFT sales surge
The collapse of the FTX exchange has brought about a domino effect that even NFTs are not immune to. However, the falling value of ETH means blue-chip NFT collections are now around 25% cheaper than a few weeks ago, leading to a flurry of trades as buyers seek bargains.
NFTs from the Yuga Labs ecosystem are down more than 30% on average, with Otherdeeds land plot floor prices taking a more than 41% hit. Land minted in the forthcoming Yuga-powered metaverse for about $5,000 just six months ago is now worth around $1,000. Despite this, the three Yuga collections still amassed more than $20 million in trading volume last week.
NFT admirers’ convictions are strong, even amidst the current outlook. We see green across the board regarding the number of traders and sales in the previous seven days as speculators try to secure some of the most highly regarded NFTs at a discount.
Top Three NFT Sales by Value
The top three NFT sales by value grossed $1.8 million, with BAYC #5718 leading the charge and selling for more than $560,000. More interesting, given buoyant trading amidst a fall in the value of ETH, is to look at the trading history of BAYC #5718 and #2062 more closely.
The top NFT sale in the last seven days was for BAYC #5718, which hasnt been traded too many times since its mint a year ago. We see that three months ago, the NFT changed hands for 150 ETH, and now amidst a more significant drop in the price of ETH, it sold for 350 ETH.
BAYC #2062 is more interesting as the trading history shows that whoever minted this NFT sat on it for more than a year until selling it a few days ago for 325 ETH and a tidy 321 ETH profit.
Art Blocks collections pull $3.4 million
The Art Blocks marketplace has appeared on the list for months as NFT admirers and digital art enthusiasts gravitate toward a unique platform in the space. The NFT marketplace for curated generative art now ranks 5th in the all-time NFT collection charts on DappRadar, with an NFT trading volume of more than 1.3 billion dollars since inception.
This week, the third, eighth, and eleventh most valuable NFTs to change hands go to artworks hosted on the Art Blocks marketplace from the Fidenza collection. Fidenza #214 sold for 200 WETH, or around $320,000. Fidenza #105 sold for 100 ETH, or $158,000. Finally, Fidenza #369 changed hands for 90 ETH, or around $143,000.
Interestingly, Fidenda #105 and #369 had been traded back and forth over the years and accumulated value. In contrast, Fidenza #214 was initially purchased for 2.15 ETH over a year ago and sold for an appetizing profit of almost 198 ETH.
Check out the list of NFT Sales highlights
N.B. Dollar values given are correct at the time of sale.
Every week, DappRadar highlights not only the most expensive NFT sales but also the most interesting in the previous seven days. While huge numbers are sure to capture headlines, it’s also essential to highlight emerging trends and keep the DappRadar community ahead.
Art Gobblers Hype Short-Lived
Last week’s trending collection Art Gobblers, has had a challenging time since its initial burst onto the scene. The average price fell from its high of over 16 ETH on the 2nd of November to around 2 ETH today. At the same time, sales and traders are down almost 90%, while trading volume fell 97% in the past seven days.
Many people who weren’t at the free mint lost money. In contrast, some branches of the Web3 community have questioned the morals of NFT influencers being given free Art Gobblers and then using the rest of the space as exit liquidity. Still, the collection generated 11,242 ETH since mint, or around $14 million.
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The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in various cryptocurrencies, including BTC, ETH, and RADAR.