How The Top Ten NFTs Are Performing Post Crypto Crash
Cryptocurrency Crash
In contrast, the crypto market has witnessed a massive loss of around $900 billion (70%) since the start of April, which is reminiscent of the last crash in 2018. There are a host of factors that may have triggered this crash - not least the economic uncertainty caused by Russia’s invasion of Ukraine - but like every other price correction in the past, this particular crash followed a record-breaking period for the market when it reached $3 trillion in November 2021.
NFT Market vs Crypto Market
Over the last year, NFTs, which are non-interchangeable digital assets like GIF, images or even tweets stored on the blockchain after a transfer of ownership, have been a windfall for traders and celebrities like Madonna and Justin Bieber and even scammers/hackers alike. A report released early in the year discovered that some people repeatedly sell themselves their own NFTs in an attempt to artificially inflate their prices.
On the other hand, the Terra scandal which led to the collapse of Luna cryptocurrency and its associated TerraUSD stablecoin named UST has somewhat put a dent in the growth of the cryptocurrency industry. The scandal briefly caused a further crash to the entire crypto market. But has this recent cryptocurrency crash negatively affected the NFT market? We take a look at how the top ten NFTs are performing during this crypto crash.
Note: The list below captures the sales volume of the respective NFTs in the NFT market for the last 30 days.
Performance of the Top Ten NFTs Post The Crypto Market Crash
1. Otherdeed for Otherside
Created by Yuda Labs, the company behind Bored Ape Yacht Club (BAYC), the Otherdeed for Otherside project was launched on the 30th of April last month, selling out all the 55,000 tokens publicly minted. The project has reached over $300 million in sales volume. The Otherdeed project broke the sales record set by Moonbirds for most ETH in sales volume in 24 hours. However, the last seven days haven’t been flowery for the Ethereum based project, as it’s seen its sales volume dip by more than 50%. Otherdeed is owned by over 34,000 individuals and currently has its floor price of approximately $17,000.
2. Azuki
Released in January 2022, Azuki has seen a sharp drop of 48% in its sales volume in the last 24 hours after only seeing a slight increase of about 5% in seven days. The anime-theme NFT 30 days sales volume stands at 52,999 ETH, estimated to be worth $103 million. The floor price for Azuki is currently at 12 ETH or $23,340 and owned by 5,000 people.
3. Bored Ape Yacht Club (BAYC)
BAYC is the most popular NFT collection, only second to CryptoPunks. Often dubbed the celebrity NFT, notable figures that own a piece or two of the Bored Ape collections include Basketball legend Shaquil O’neal and Stephen Curry, rap legend Eminem and Snoop Dogg, popular talk show host Jimmy Fallon, NFL stars Tom Brady and Dez Bryant, comedian Kevin Hart, soccer star Neymar, and a host of other celebrities.
The Bored Ape Yacht Club blew into the limelight in 2021 and has already amassed over 588,000 ETH, equivalent to $1.1 billion in sales volume. BAYC has seen its sales volume soar as high as more than 60% in the last seven days proving the popularity of the project among NFT traders and collectors. The floor price for BAYC remains one of the most expensive at 97 ETH or $188,665 and is owned by over 6,000 people.
4. PXN: Ghost Division
Created by the team that developed the Nanopass project, PXN: Ghost Division is a collection of 10,000 GHOST NFTs. But like its name, the NFT has been in ghost mode since its release at the start of May losing 44% of its sales volume. The project’s floor price also dropped from its mint price of 2 ETH to 0.88 ETH, showing traders’ reluctance towards the project.
5. Mutant Ape Yacht Club (MAYC)
A derivative of the popular Bored Ape Yacht Club, Mutant Ape is a collection of 20,000 Mutant Apes. Minted in August 2021, the project has soared in popularity. But the daily sales volume has dissipated in the last 30 days after dropping from 4245 ETH or $8.3 million to 519 ETH or $1.01 million, a massive drop of over 700%. The floor price of Mutant Ape also saw a huge fall from a peak of 40 ETH to 18 ETH, a 122% drop within the same timeframe. The Mutant Ape collections currently have an ownership of over 12,000.
6. Beanz Official
An offshoot of Azuki, Beanz Official has been on a downward trend since the first week of May. Minted (launched) on April fool’s day, the project peaked in sales volume at over 7,000 ETH, about $1.4 million on May 6, before crashing to an all-time low of 65 ETH, about $126,425. Beanz's floor price currently stands at 1.4 ETH after reaching a high of almost 7 ETH early in May. The fall in the NFT’s floor price was caused by controversy from the project's founder Zagabond. Beanz official is currently owned by over 7,000 individuals.
7. Okay Bears
The first Solana based NFT on the list, Okay Bears is a collection of 10,000 diverse bears and has surprisingly been hitting great numbers ever since it was minted. Okay Bears had a mint price of 1.5 SOL and saw strong demand post-sellout leading to a floor price that topped the 150 SOL level ($6,750) before settling at 138 SOL or around $6,210 at the time of writing. Okay Bears have amassed over a million Solana, about 48.8 million in sales volumes, but saw a dip of 58% in the last 7 days. Over 5,000 individuals have purchased Okay Bears.
8. CLONE X - X TAKASHI MURAKAMI
Clone X, a series of 20,000 avatars collectibles, has seen a series of sharp rises since it debuted at the end of 2021. But the last 7 days weren’t rosy for Clone X. It sales volume dropped by 18%. Its floor price has also dropped from 19 ETH, about $36,900 to 12.85 ETH, about $25,000 within the last 30 days at the time of writing. Close X's sales volume in the last 30 days is currently about 19,000 ETH, about $40 million in value. To date, the avatar-themed collection has been purchased by more than 9,000 people.
9. Goblintown.wtf
One of the top ten NFTs of the month, the Goblintown.wtf has been a revelation post the crypto market crash. In the span of just a few short days, this irreverent NFT project saw all 10,000 of its freely minted pieces enter the NFT market, sporting floor prices of over 4 ETH at the time of writing after starting at 0.2 ETH. Not much is currently known about the project, but collectors are happy enough to have it as part of their NFT collections. Since its debut, the Goblin-theme NFT has continually seen an upsurge in its sales volume with a 160% increase in the last seven days. Goblintown.wtf is owned by more than 4,500 NFT traders.
10. Doodles
Doodles is one of the success stories in the NFT market. It ranks high as one of the most go-to PFP (Profile Picture) collections based on both popularity and sales volume. Doodles' total sales volume stands at 131,431 ETH, equivalent to $255.6 million, the 11th best-ranked collection on the NFT market by sales volume. The floor price for Doodle has dropped to 12.11 ETH, about $23,590 after peaking at 23.8 ETH, about $46,290 30 days ago. Ownership of the art-styled collection is currently almost at 5,000.
Conclusion
The analysis of the top ten NFTs above has proven that the activities in the NFT market are independent of the crypto crash as some of the major NFTs are doing quite fine. The NFT market has grown significantly since mid-April almost reaching the weekly volume it hit at the beginning of the year. The number of active NFT buyers and sellers has also steadily grown every quarter from 60,000 in Q1 2021 to almost a million in Q1 2022.