The NFT market is experiencing a significant downturn, with collections like CryptoPunks, Bored Ape Yacht Club (BAYC), and Pudgy Penguins seeing substantial drops in prices. Liquidity providers are withdrawing funds, and bad debt is accumulating in platforms like BendDAO. The floor prices for various NFT collections have plummeted by 60-90%, leading to concerns about the lack of buying pressure and the need for a catalyst to revive interest in NFTs.
CryptoPunks drop below 25eth for the first time since 2021, with several sales in the last 24 hours for less than 22eth ๐ Can NFTs stop bleeding now please? ๐ญ https://t.co/biECmqV6Mt
ETH NFT floor prices are down BAD... @EasyEatsBodega is interested in buying the @BoredApeYC dip? Comment the collections + prices that would make you a buyer๐ https://t.co/8MuP9TAI6k
The CryptoPunks floor is now below 25 ETH ๐ With 29 Punks listed below 30 ETH now. And a rebound doesn't seem imminent. In the past 3 hours, 14 Punks have moved below 24 ETH on Blur - including 9 sub-22 ETH. Where is the bottom? https://t.co/uYKUNk6jxV
8 Punks sold below 22 ETH ๐ https://t.co/38Tdeo916t
previous cycle's ETH blue chip NFTs: BAYC - 8.67e (94.3% drawdown from ATH 153e) Azuki - 2.93e (90.5% drawdown from ATH 31e) CryptoPunks - 25.45e (79.64% drawdown from ATH 125e)
Major Declines in Cryptopunks, BAYC, and Other #NFT Collections https://t.co/oi0s7K0k4o
would you rather buy 25e of $pepe ๐ธ or punks as leveraged bet on eth? icymi, punks is trading under this amount for first time since 2021
Punks trading below 25 ETH. Over. https://t.co/MnCWfUNt1G
First punk under 25 eth since 2021 https://t.co/R8dNLNwLXi
Surely these NFTs have bottomed right? Practically free at these prices https://t.co/GtE41f5sPO
#NFT Market Slump: #Cryptopunks and #BoredApe Values Plummet Over 90 Days https://t.co/oi0s7K0k4o
Punks now firmly trading below 30e, as the rest of the NFT market also trades down and to the right https://t.co/4YQNnMPw5f https://t.co/RbLJ975uZt
NFTs are nowhere near bottomed out yet. Floor prices are all down anywhere from 60-90% for all collections and yet there is still no buying pressure. We need consolidation and a catalyst before anyone even considers buying NFTs again Until then, we'll continue to bleed
NFTs are nowhere near bottomed out yet. Floor prices are all down anywhere from 60-90% for all collections and yet there is still no buying pressure. We need consolidation and a catalyst before any one even thinks about buying NFTs again Until then, we'll continue to bleed
This is the lowest we've seen NFT's in a long time: Crypto punks - 27.95 ETH BAYC - 8.89 ETH Pudgy Penguins - 7.29 ETH Azuki - 3.2 ETH Memeland - 2.91 ETH Digi Daigaku - 1.73 ETH MAYC - 1.58 ETH Doodles - 1.27 ETH DeGods - 0.78 ETH Clone-X - 0.4 ETH Cool Cats - 0.24 ETHโฆ
This is beginning with pudgy's taking on loans while 115 are bidless. Bid is 7.1, and you can borrow 7.7 eth against them on benddao. Their oracle issues will eventually take down the platform and that might be this week Another 100+ NFTs liquidate if oracle updated to market https://t.co/77UMw2e2cJ
Top Ethereum-based NFT collections @pudgypenguins and @BoredApeYC are down 25% in the past 7 days as Blur Season 3 winds down๐ Major liquidity providers are closing their positions ahead of next week's @Blast_L2 TGE, with over $16M withdrawn yesterday. https://t.co/Oh6PIvRpq2 https://t.co/gDhuasJwAu
Bad debt time! @BendDAO's oracles continue to lag NFT floor price, off by 25% on Pudgies and ~12% on BAYC. There is now 3.75 million in debt that is eligible for liquidation with at least $500k of bad debt at current Blur floor prices. Lenders on the platform should look to GTFO https://t.co/m7Eleo8tA1
The average sale price of a CryptoPunk over the last year is 68.93 ETH Today, you can have one for 26.25 ETH Correction or opportunity?