NFT Floor Price Drops Amid Blooming Trading Volumes

By: Isha Das

The floor price of several leading non-fungible tokens (NFTs) demonstrated a sharp decline, in spite of the sector's overall growth in volume. A downward trend was observed in top 10 NFT collections, including popular ones like CryptoPunks, Bored Ape Yacht Club, and Mutant Ape Yacht Club, which reported declines of approximately 5% in the past 24 hours, coinciding with Bitcoin's trajectory. Other top collections saw declines of up to 13.4%.

In the meantime, NFTs experienced a rise in trading volume. Data suggests that the NFT space recorded sales exceeding $58 million through nearly 268,252 transactions in the last 24 hours. NFT transactions on Bitcoin's blockchain were also reported to exceed those on Ethereum and Solana. The sector also recorded a substantial 86.86% increase in trading volume to $1.1 billion over the last 30 days, indicating a shift in investor behavior.

Simultaneously, NFT trading volume from other platforms almost reached $1 billion in November, indicating a resurgence in interest in NFTs. Last month, it was also observed that the average value of NFT transactions rose from $126 to $270.

Based on this rising volume data, analysts suggest that there's a shift in NFT investors' behavior with heightened activity in buying and selling NFTs. Observations show that classically popular NFT collections, though experiencing drops in floor price, are still maintaining an active trading volume.