Check out how the FTX turmoil affected some of the most popular NFT collections
The catastrophic events surrounding the FTX collapse had repercussions across Web3. In the case of NFTs, there is a lot to be said for understanding the reaction of collectors. While there have been panic sales and a drop in average prices, demand for collectibles remains high, and the projects have not lost steam. In the case of NFTs, there is a lot to be said for understanding the reaction of collectors.
- In the last seven days, we have seen sales activity go up for most of the top PFP (profile picture) collectibles;
- At the same time, there has been much debate in the NFT space regarding the general drop in average selling prices;
- You can track data for all your favorite Ethereum NFT collections on DappRadar.
The market and the fall in digital asset prices
Many promising Web3 projects were, in one way or another, linked to Alameda and FTX felt a strong impact on how the public trusted them.
This change has caused many people to offer their valuable digital assets from popular PFP collections such as Bored Ape Yacht Club, Doodles, and Azuki for sale.
See in the image below how much the average sale prices of ten of the top PFP NFT collections fluctuated during the last week.
The above projects have strong teams working on new releases and partnerships and developing innovations in the area. Regardless, all saw their NFTs sell for less than the previous week before the so-called Crypto Contagion.
Of the collections listed above, World of Women and Bored Ape Yacht Club suffered the biggest drop, with average sale rates 31% and 28% lower, respectively.
On the other side of the scale, Moonbirds and Pudgy Penguins, although also had a negative week, had the smallest price drops, 9% and 10%, compared to the previous week.
Sales activity shoots: how strong are these assets?
Collections from Yuga Labs, Bored Ape Yacht Club and Mutant Ape Yacht Club, as well as Cool Cats, saw their sales double in the last 7 days.
See below how the top PFP NFT collections sales activity shifted during this period.
Moves of this magnitude are not to be ignored when it comes to some of the top PFP collectibles on the market.
DappRadar data can help you monitor digital asset numbers and provide tools to analyze better how they reflect market sentiment.
Keep tracking NFT trends with DappRadar
We hope you enjoyed learning more about how the NFT space is taking the recent market fluctuations. DappRadar will continue to follow NFT trends and keep you posted with educational content and resourceful data and analysis.
At DappRadar, you can manage your NFT portfolio and track the hottest NFT sales, collections, and marketplaces in various blockchains.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your own research.