Exploring the Top 10 NFT collections that have experienced the biggest decreases in floor prices: Are we witnessing a significant downturn in the bull market?
The ongoing bear market is taking its toll on NFTs as well. Numerous collections are witnessing their floor prices tumble, often by more than 90%. The question arises: are these NFT projects mere cash grabs, failed ventures, or are they genuinely striving to persevere and potentially rebound? To shed light on this, we examined the floor price variations on OpenSea to identify which NFTs suffered significant price drops.
10. PXN Phantom Network: from 4.45 ETH to 0.19 ETH
Phantom Network’s collection of 10,000 Ghost Division NFTs gained traction upon its May launch. The initial mint price was steep at 2 ETH, but shortly after release, the price surged past 4 ETH. However, two weeks post-launch, the floor price fell below the initial mint cost and now sits at a mere 0.19 ETH.
This project faced scrutiny for its striking resemblance to popular anime characters. Perhaps this resemblance contributed to a decline in the Ghost Division NFTs' popularity, making it unlikely for prices to recover. Nonetheless, it should be noted that the collection has still achieved a commendable sales milestone of 45.2K in total sales volume.
9. Karafuru: from 5.8 ETH to 0.34 ETH
The Karafuru collection of 5,555 generative art NFTs was launched by the Museum of Toys in Jakarta, featuring physical toys linked to the NFTs and an ambitious roadmap. Plus, NFT holders enjoyed the perk of an invitation to Indonesia's Karafuru carnival, which concluded in April. Most holders likely received their tangible toys, but since that event, the value has seen a decline.
During its peak, these NFTs traded for an average of over 5 ETH, with some sales hitting as high as 11 ETH. Currently, the floor price has fallen to approximately 0.34 ETH.
8. MekaVerse: from 7.87 ETH to 0.38 ETH
MekaVerse features a collection of 8,888 generative NFTs inspired by Japanese culture, aptly named 'Meka.' Last November, this collection was among the most talked-about NFT projects, boasting over 258,800 followers on Twitter and 13,347 Discord members. The initial mint price was set at 0.2 ETH, quickly escalating to a record 6.4 ETH and peaking at 7.87 ETH. Some holders even offloaded multiple Meka NFTs for prices around 40 ETH or more, with others fetching about 20 ETH.
However, after the initial hype, the project faced a decline, with the floor price plummeting by 95% from its peak, resting at 0.38 ETH at present.
The community appears engaged, so there's hope that the project might eventually recover to, at the very least, exceeding the 1 ETH mark.
7. Hape Prime: from 9 ETH to 0.86 ETH
The next-generation ape NFTs have been languishing in value for some time now. After hitting a peak of 8–9 ETH back in January, the Hape NFT floor price dipped below 2 ETH in March, and has been struggling under 1 ETH since mid-July, initially minted at 0.2 ETH each. trading This NFT collection, consisting of 8192 unique 3D PFP apes, was the brainchild of London-based Digimental Studio, aiming to 'redefine the digital fashion landscape.' Once hailed as one of the most promising NFTs of the year, the Hape Prime project has witnessed a downward trajectory over the past months.
Can you tell me that we're united as a strong community?! promoted — Skywalker 🅱️🦍⛩️🧬🀄️🚀 (@Skywalker2620)
6. Anonymice: from 9.89 ETH to 0.3 ETH
Gary Vaynerchuk’s NFT initiative,
boasting over 10,000 NFTs and a focus on intellectual property, has fostered a strong community. It's recognized as one of the leading NFT projects in the market, with a total trading volume reaching 55.7K ETH. the bubble has burst VeeFriends was performing well in March, with its floor price ranging from 14 to 16 ETH. However, starting in May, prices began to decline, reaching an all-time low of 6.96 ETH.
5. VeeFriends: from 16.98 ETH to 6.96 ETH
Similarly, the VeeFriends Mini Drops collection is also on a downward trend. Following trades around 3 to 4 ETH, the collection's floor price has now dropped to 0.19 ETH. VeeFriends It remains uncertain whether projects backed by influencers or celebrities will see longevity in the market. Time will reveal whether this entrepreneur’s collection was merely a ploy for market manipulation.
backed by a investment from a16z, could indicate potential price increases in the near future.
Blitmap is a sci-fi themed collection of community-created NFTs that has witnessed a decline from 15 ETH to under 4 ETH. What once started as a surge of 1,700 pixelated digital collectibles last autumn now finds itself in a more modest price bracket. Despite having a roadmap with ten outlined plans, only three have been accomplished. The project first debuted over a year ago on May 30, 2021.
We have seen many NFT projects hyped up Blitmap has plans for a follow-up collection that may help elevate the current floor price, although reaching the heights of 15 ETH again seems unlikely.
However, VeeFriends has just received Our upcoming collection, The Logos, is set to launch this summer. ⚡️
4. Blitmap: from 15 ETH to 3.65 ETH
With a total of 6400 NFTs, we’ll be making 3200 available to the public.
Join us on Discord for more details as we unveil more information.
3. Moonbirds: from 38.5 ETH to 19.5 ETH
Moonbirds Some Moonbirds have sold for astronomical prices: 350 ETH, 305 ETH, 300 ETH, 299 ETH, 205 ETH, and a batch of 15 Moonbirds fetching over 100 ETH. Presently, the floor price sits at 19.5 ETH, which represents a 50% drop from its previous high of 38.5 ETH. Yet, this price remains significantly above the original mint price of 2.5 ETH.
Allegations of previous rug pulls involving the founder have marred the reputation of Azuki, resulting in a continued drop in pricing, as it has failed to break the 15 ETH threshold since.
While Azuki is not yet deemed a fraudulent scheme, the troubling background of its founder raises concerns that this could potentially escalate to one of the most significant NFT rug pulls we have seen.
2. Azuki: from 31.8 ETH to 9.8 ETH
We’d love to see more Azuki holders sharing their stories—here are four favorites from the LastKnight vault. scandal The Cyberkongz collection includes 8,888 generated avatars crafted by digital artist Myoo. With a strong emphasis on community, Cyberkongz was an early contender in the NFT landscape, yet its floor price has plummeted by nearly 100 ETH since its peak.
Since the launch on March 5, 2021, which had a modest mint price of just 0.07 ETH, Cyberkongz attracted early investors. However, with the expanding NFT projects, it has since been overshadowed by newer, more innovative offerings.
1. Cyberkongz: from 116 ETH to 18 ETH
We’re thrilled to unveil the exclusive CyberKongz x rewarded holders with over $900 in daily yields.
The decreasing floor prices among NFT collections do not invariably signify rug pulls or project failures. Price movements in the NFT market can often be affected by broader market conditions and the recent activities associated with the project, including the artist's recognition, partnerships, and more. high Numerous NFT projects have dangled the prospect of Play-to-Earn games or establishing their own Metaverses, which ties closely into the Web3 gaming ecosystem—an area still in its early stages and facing significant challenges.
In discussions around Web3 gaming, insights emerged regarding the impact blockchain gaming has on NFTs:
He concurs that the bull market fostered an environment teeming with speculation and hype.
The NFT landscape, much like the broader crypto context, remains nascent, and many investors have underestimated the time required to cultivate quality Web3 projects. We've witnessed an explosive wave of hype, reminiscent of the DeFi token surge, but eventually, the bubble bursts. Michael Arnold , Web3 Lead at Mighty Bear Games who recently raised $10M for Mighty Action Heroes 2021 marked the rise of NFTs, characterized by remarkable excitement, record sales, and elevated trading volumes across numerous projects. In the current market, the NFT sector is maturing, resetting expectations while also testing the competitive landscape.
Enterpreneur and marketing expert GaryVee informed the community of these changes.
Michael Arnold
Moonbirds COO Ryan Carson has distanced himself from the project as PROOF successfully raised $10 million.
Top 10 NFT collections facing significant floor price drops: Are we witnessing the end of the bullish market cycle? - Metaverse Post Blockchain gaming The current downturn in cryptocurrencies is impacting the NFT landscape dramatically. Several collections have experienced a staggering decline in their floor prices, some plummeting by more than 90%. Meanwhile, premium collections that once commanded high prices are also seeing a decline in their appeal.
Highlighting the major NFT floor price drop-offs: Are we witnessing a downturn in the bull market?
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Disclaimer
In line with the Trust Project guidelines The Phantom Network launched 10,000 Ghost Division NFTs in May, and despite the initial mint price of 2 ETH, it peaked at over 4 ETH shortly after release. However, just two weeks post-launch, their floor price dropped below the mint price and is currently languishing at around 0.19 ETH.