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- 1 Is the NFT market following the crypto market decline?
- 2 At press time, it costs at least 49 ETH to acquire the NFT collection.
Last month, floor prices of “blue chip” CryptoPunks and Bored Ape Yacht Club descended below $100,000 worth of ETH. The broader NFT market has never shown such a steep decline in the last one year.
According to NFT Price Floor, currently, it costs 49.8 ETH ($93,239.34 at the time of writing) to purchase a cryptopunk. NFT prices struggle to rebound with the slower uptrend of the entire crypto market is widely affecting the NFT marketplace.
Similarly, Bored Ape, the most favored NFT project among international celebrities saw a steep decline. It costs at least 49 ETH, or about $92,200, to get into the collection. Buying Bored Ape NFTs in 2021 weren’t selling cheap.
According to Dune Analytics, daily trading across all NFT markets has dropped by a staggering 71% since mid-April. Those falling figures are symptomatic of a more significant concern: fewer and fewer are being traded across the entire NFT market.
The decrease in activity has been gradual and has been invariant across platforms. Such a low total of NFT trades – just under 20,000 on Thursday – is a first since late 2021.
The primary reason behind the steep decline is still unclear. Also, after the successful completion of the Ethereum Shanghai upgrade, the price of the Ethereum native token doesn’t reflect any significant changes.
CoinMarketCap ranked ETH as the second most traded and used cryptocurrency after Bitcoin, and at press time, it was trading at $1875.03 with a 24-hour trading volume of $6,718,593,709.
Yuga Labs Wins Ryder Ripps Lawsuit
Yuga Labs registered a lawsuit against Ryder Ripps and its co-founder Jeremy Cahen for trademark violation, false advertisement, and unfair competition, among other allegations.
During a pretrial hearing, the Central California court found that Ripps and Cahen overstepped Yuga Labs’ trademark with their RR/BAYC NFT collection. The court further ordered that Yuga is entitled to an injunction and damages, which will be defined at trial.
The lawsuit spotlights the significance of safeguarding intellectual property rights in the fast-expanding NFT marketplace.
After its launch, the exhibition of Bored Ape quickly evolved into one of the most famous and valuable NFT projects. Regardless, allegations of plagiarism have been made in the Bored Ape community, raising questions about the legality of the project and the future of NFTs.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
