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Aren’t NFT enthusiasts buying the dip?

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The current cryptocurrency market remains in an exceeding state of chaos. The liquidations are over $200 million on a daily scale once more as Bitcoin headed towards the $20k mark. Ethereum, the second-largest coin, suffered an identical fate. However, it’s like investors are shopping for the dip. And no, it’s not Bitcoin or altcoins-instead, investors leveraged this chance to shop for NFTs. Given the market crash, several NFT comes have suffered a major decline in price.

What about some popular NFT projects?

In popular collections adore, the revered Bored Ape gild (BAYC) weren’t spared either, and their floor costs have lost an important price in America dollars. BAYC born by -49% at press time. Different comes suffered as well-at press time, CloneX was at -57%, Meebits at -54%, and Azuki at -49%. However, per NFTGO, within the past week, over 85% of the pricey NFT transactions came from BAYC. Thus, indicating that investors tried to shop for BAYC in an exceeding bear market.

Well, the steep decline in floor value additionally helped investors to buy it cheaper. Per knowledge from NFT price floor, the ground price of Bored Apes has dropped below $100,000 for the primary time in nearly a year. At the time of writing, the BAYC was valued at $85,500, representing a 65% drop from the incomparable high.

The last time Associate in Nursing Ape was listed around this price vary was in Jan 2022. To feature further, the amount of NFT trades has exaggerated over the last twenty-four hours as crypto-markets plummeted.

NFTs trading volume grows

per CryptoSlam, the NFT market saw a 40% increase in trading volume within the last 24 hours, compared to the previous 24-hour window. Different projects, adore MAYC, and Moonbirds went down the line.

However, the increase in volume saw investors capitalizing on the opportunity. For instance, Twitter user CryptoDonAlt remained upbeat on his BAYC losses, choosing, instead, to concentrate on the positive. Moreover, per DappRadar statistics, the NFT market hit $25 billion in trade volume in 2021. It’s ascertained that it is on course to surpass that figure this year. Per the Nansen 2022 quarterly report, the NFT market outperformed the broader cryptocurrency market year-to-date, as proven by the NFT-500 Index’s value appreciation of 49.9% to date in 2022.

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