The turbulent crypto market is also tempting the non-fungible token (NFT) market.
Based on the latest observations, every well -known NFT project - for example, the Bored Ape Yatch Club (BAYC) recorded a floor price decline of up to over 10% in 24 hours, trading at a low of 82 ETH.
While CryptoPunks was down more than 4% with a floor price of 63 ETH and the NFT Clone X - Takashi Murakami collection was down more than 3%, recording a floor price of 12.5 ETH.
Findings collected by Dune Analytics found that NFT trading volume on most NFT platforms showed a decline since January 31st again.
Worse when Bitcoin (BTC) faced a price correction on February 10, OpenSea was one of the platforms that saw a big collapse in NFT trading volume.
Even so, at the time this article was written, several NFT collections on OpenSea showed a record increase in trading with a record high of 876.81%, 1,061.23 ETH belonging to DEGEN TOONZ COLLECTION.
NFT Doodles also recorded a surge in trading volume with a record 43.88%, hitting 2,145.32 ETH; Mutant Ape Yacht Club (MAYC) increased nearly 24% (3,769.57 ETH); and CryptoPunks over 18% (3,192.1 ETH).
It is uncertain to what extent the collapse of the crypto market will continue. Perhaps, if the Russian-Ukrainian crisis continues to affect the crypto market is not impossible the NFT market will also follow the same pace.
However, it can also be the other way around.
