The value of the price floor for several leading Ethereum NFT collections has seen a significant drop over the last week, while Bitcoin Ordinals have increased.
According to CoinGecko and Magic Eden, collections reported declines in the price floors of Bored Ape Yacht Club by 37%, Mutant Ape Yacht Club by 42%, and Pudgy Penguins by 38%. Conversely, the NodeMonkes Ordinals collection on the Bitcoin (BTC) blockchain has witnessed a 65% increase in value during the same timeframe.
The price floor refers to the minimum price at which an NFT from a collection is available for sale. The fluctuation in value is accompanied by a noticeable decrease in monthly trading volumes and the number of trades for NFTs on the Ethereum (ETH) blockchain.
7-day floor price in ETH of BAYC
You might also like: Dencun update goes live on Ethereum mainnet
According to The Block’s Data Dashboard, February’s trading volume fell to $786 million, marking over a 10% decrease from January’s $868 million. As of mid-March, the volume stands at $397 million.
Moreover, the total number of trades on Ethereum-based NFT marketplaces has declined since January, from over 627,000 to 536,000 in February, with March’s figure currently at 160,000. This downtrend extends to the monthly revenue of NFT marketplaces, which decreased from December’s $3.4 million to $1.6 million in February, a 51% drop, affecting platforms like OpenSea, X2Y2, and LooksRare.
Read more: NFT sales decline, OpenSea falls to the 4th spot