The floor price value of several leading ethereum nft collections has seen a significant drop over the past week, while bitcoin ordinals have risen.
According to CoinGecko and Magical Eden, collections reported drops in minimum prices for Bored Ape Yacht Club by 37%, Mutant Ape Yacht Club by 42%, and Pudgy Penguins by 38%. On the contrary, the node monks The collection of ordinals on the bitcoin (btc) blockchain has seen a 65% increase in value over the same time period.
Floor price refers to the minimum price at which an nft in a collection is available for sale. The value fluctuation is accompanied by a notable decrease in monthly trading volumes and the number of nft trades on the ethereum (eth) blockchain.
<img decoding="async" width="1024" height="431" src="https://crypto.news/app/uploads/2024/03/Screenshot-2024-03-13-1.03.05-PM-1024×431.png” alt=”Leading ethereum nft Price Lows, Sales Fall While Ordinals Rise – 1″/>
According nft-non-fungible-tokens/marketplaces/nft-marketplace-monthly-volume” target=”_blank” rel=”noopener”>Block Data Panel, February trading volume fell to $786 million, down more than 10% from $868 million in January. In mid-March, the volume amounted to $397 million.
Additionally, the total number of transactions on ethereum-based nft markets has decreased since January, from over 627,000 to 536,000 in February, with the March figure currently at 160,000. This downward trend extends to the monthly revenue of nft markets, which decreased from $3.4 million in December to $1.6 million in February, a drop of 51%, affecting platforms like OpenSea , X2Y2 and LooksRare.
