Non-fungible tokens (NFTs) have not recovered anywhere near the levels that cryptocurrencies have. Even the largest collections in the industry, such as the Bored Ape Yacht Club, have seen significant reductions.
On July 3, Will Clemente, co-founder of Reflexivity Research, revealed that BAYC has dropped by 90 percent from its all-time high. The floor prices for the monkey-themed NFT collection have fallen in the past few days, down 23 percent compared to last week.
According to the NFT marketplace OpenSea, the collection’s price is now just below 30 ether, or about $58,440. That sounds like a lot, but it is the lowest price in over a year.
Decline in NFT Activity
However, BAYC remains one of the most popular collections being traded. According to CryptoSlam, BAYC has the highest 30-day trading volume reported at $48.8 million.
BAYC is not the only NFT collection that has recorded a price drop.
According to CoinGecko, NFTs from the Azuki collection have significantly dropped over the weekend. A massive decline of 63.6 percent from 15.4 to current prices of 5.6 ether occurred for the Azuki collection over the past week.
Azuki is currently embroiled in an internal battle between the project’s DAO and its founder known as ‘Zagabond’.
CoinGecko is currently reporting significant 24-hour declines for several prominent NFT collections. Mutant Ape Yacht Club, DeGods, and Elemental have recorded drops of 15 to 20 percent in the last 24 hours.
Crypto Markets Rise
Contrary to what is happening in the NFT space, cryptocurrency markets rose during Monday.
The total market capitalization increased by 1.1 percent to $1.25 trillion, while bitcoin and ether maintain the gains made in June.
