{"id":9975,"date":"2022-06-30T19:29:54","date_gmt":"2022-07-01T00:29:54","guid":{"rendered":"http:\/\/blog.jlbn.net\/?p=9975"},"modified":"2022-06-30T19:29:55","modified_gmt":"2022-07-01T00:29:55","slug":"nfts-have-fallen-off-the-cliff-as-sales-sink-to-lowest-levels-in-a-year","status":"publish","type":"post","link":"http:\/\/blog.jlbn.net\/?p=9975","title":{"rendered":"NFTs Have \u2018Fallen Off the Cliff\u2019 as Sales Sink to Lowest Levels in a Year"},"content":{"rendered":"\n<ul><li>Sales have plunged this month to below the $1 billion mark<\/li><li>The JPG NFT Index is down by about 70% since its April launch<\/li><\/ul>\n\n\n\n<p>The market for nonfungible tokens &#8212; such as artwork of bored apes and pudgy penguins &#8212; has been spiraling downward after sales sank sharply and the prices of popular NFTs plummeted over the last few weeks.&nbsp;<\/p>\n\n\n\n<p>The crypto niche is on course to record its first month with under $1 billion in sales since June 2021, according to data tracker DappRadar. On the world\u2019s biggest NFT marketplace, OpenSea, sales volume has&nbsp;<a href=\"https:\/\/dune.com\/rchen8\/opensea\" target=\"_blank\" rel=\"noreferrer noopener\">fallen 75%&nbsp;<\/a>since May, and looks set to scrape the lowest levels since July 2021, Dune data shows.&nbsp;<\/p>\n\n\n\n<p>The prices of top-selling NFTs have also slipped. Some Otherdeed NFTs, which were in such high demand at their May launch that they\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-01\/bored-ape-metaverse-frenzy-raises-millions-disrupts-ethereum\" target=\"_blank\">clogged<\/a>\u00a0up the Ethereum network, have seen their price floors fall by about\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/nftpricefloor.com\/otherdeed\" target=\"_blank\">30%<\/a>\u00a0in the last 30 days, while the price floor on Bored Ape Yacht Club\u2019s (BAYC\u2019s) blue-chip NFT collection has also fallen nearly\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/nftpricefloor.com\/bored-ape-yacht-club\" target=\"_blank\">33%<\/a>\u00a0in the same time, data from NFT Price Floor shows.<\/p>\n\n\n\n<p>Meanwhile, the JPG NFT Index, which tracks a handful of blue-chip NFT projects, is down by more than\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/coinmarketcap.com\/currencies\/jpg-nft-index\/\" target=\"_blank\">70%<\/a>\u00a0since its inception in April.<\/p>\n\n\n\n<p>With all crypto coins tanking in the aftermath of Terra blockchain\u2019s\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-25\/do-kwon-wins-backing-for-his-proposal-to-rescue-terra-project\" target=\"_blank\">collapsed stablecoin<\/a>\u00a0and possible insolvency at lenders\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-20\/troubled-crypto-lender-celsius-seeks-time-to-stabilize-liquidity\" target=\"_blank\">Celsius Network<\/a>\u00a0and\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-20\/distressed-crypto-lender-babel-wins-reprieve-on-debt-payments\" target=\"_blank\">Babel Finance<\/a>, as well as at hedge fund\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-27\/crypto-broker-voyager-issues-notice-of-default-to-three-arrows\" target=\"_blank\">Three Arrows Capital<\/a>, investors have been shunning many crypto-related projects. They have also been\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/www.bloomberg.com\/news\/terminal\/RE56LKT0AFB6\" target=\"_blank\">dumping Ether<\/a>, which is used to buy much of the world\u2019s most valuable NFTs.<\/p>\n\n\n\n<p>\u201cWithout question, the NFT market has fallen off the cliff this June,\u201d said Pedro Herrera, head of research at DappRadar. \u201cWhile the market is way more mature, it is fair to say that in recent weeks, investors were looking for safer places to put their money amid the Terra collapse and the rumors surrounding potential liquidations.\u201d<\/p>\n\n\n\n<p>Even high-profile acquisitions of NFT platforms &#8212; such as eBay\u2019s&nbsp;<a href=\"https:\/\/www.ebayinc.com\/stories\/news\/ebay-acquires-leading-nft-marketplace-knownorigin\/\" target=\"_blank\" rel=\"noreferrer noopener\">deal<\/a>to buy NFT marketplace KnownOrigin and Uniswap Labs\u2019&nbsp;<a href=\"https:\/\/uniswap.org\/blog\/genie\" target=\"_blank\" rel=\"noreferrer noopener\">purchase<\/a>of NFT marketplace aggregator Genie &#8212; and recent events like the NFT.NYC conference and Bored Apes\u2019 ApeFest 2022 in New York, have failed to revive investors\u2019 enthusiasm.&nbsp;<\/p>\n\n\n\n<p>The news that&nbsp;<a href=\"https:\/\/www.bloomberg.com\/quote\/1988609D:US\">Yuga Labs Inc.<\/a>, the creator of BAYC\u2019s NFTs, has filed a trademark infringement lawsuit in Los Angeles claiming that conceptual artist Ryder Ripps&nbsp;<a href=\"https:\/\/www.bloomberg.com\/news\/terminal\/RE57OAT1UM0W\" target=\"_blank\" rel=\"noreferrer noopener\">scammed<\/a>&nbsp;people into buying fake Bored Ape NFTs is unlikely to help shift sentiment either. &nbsp;<\/p>\n\n\n\n<p>\u201cMuch of the craziness was bled out of NFTs and they are going through a period of consolidation,\u201d said Aaron Brown, a crypto investor and writer for Bloomberg Opinion. \u201cI suspect they will survive, but on a much more sensible basis than at the height of the mania.\u201d<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sales have plunged this month to below the $1 billion mark The JPG NFT Index is down by about 70%<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3423,254,3421,3424],"tags":[3426,888,3427],"_links":{"self":[{"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=\/wp\/v2\/posts\/9975"}],"collection":[{"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9975"}],"version-history":[{"count":1,"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=\/wp\/v2\/posts\/9975\/revisions"}],"predecessor-version":[{"id":9976,"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=\/wp\/v2\/posts\/9975\/revisions\/9976"}],"wp:attachment":[{"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9975"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}