In the last seven days, there has been a dramatic drop in the price of Ethereum NFT collection. However, Bitcoin Ordinals are up.
CoinGecko is a cryptocurrency that allows you to buy and sell coins. Magic EdenThe price floor of Bored Ape Yacht Club fell by 37 percent, Mutant Ape Yacht Club dropped by 42 percent, and Pudgy Penguins was down by 38. The opposite is also true. NodeMonkes Bitcoin (Ordinary collection)BTCThe value of blockchains has increased by 65% in the same period.
A price floor is the price below which an article can be purchased. NFT A collection of items is for sale. This fluctuation is also accompanied by an apparent decrease in the monthly trading volume and number of NFTs traded on Ethereum.ETH) blockchain.
As per The Block’s Data DashboardThe February trading volume dropped to $786 millions, a drop of over 10% compared with January’s $868million. By mid-March the trading volume was $397 millions.
The number of transactions on Ethereum-based NFT platforms has also decreased since January. From over 627,000 in January to 536,000 by February and currently 160,000. In February, the revenue generated by NFT platforms decreased 51% from $3.4m in December, to only $1.6m, or $1.6m. OpenSeaLooksRare and X2Y2 are two of the most popular apps.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: crypto.news