Ordinal sales surge as leading Ethereum NFT floor prices and sales decline
The past week has witnessed a substantial decrease in the value of the price floor for several popular Ethereum NFT collections, while Bitcoin Ordinals have experienced an increase. CoinGecko and Magic Eden have reported declines in the price floors of Bored Ape Yacht Club by 37%, Mutant Ape Yacht Club by 42%, and Pudgy Penguins by 38%. On the other hand, the NodeMonkes Ordinals collection on the Bitcoin blockchain has seen a significant 65% increase in value during the same period.
The price floor represents the minimum price at which an NFT from a collection is available for sale. This fluctuation in value has been accompanied by a noticeable decrease in monthly trading volumes and the number of trades for NFTs on the Ethereum blockchain.
According to The Block’s Data Dashboard, the trading volume for February dropped to $786 million, which is over a 10% decrease from the $868 million recorded in January. As of mid-March, the volume stands at $397 million.
Furthermore, the total number of trades on Ethereum-based NFT marketplaces has been declining since January, going from over 627,000 to 536,000 in February, and currently at 160,000 in March. This downward trend also extends to the monthly revenue of NFT marketplaces, which dropped from $3.4 million in December to $1.6 million in February, a significant decrease of 51%. This has affected platforms such as OpenSea, X2Y2, and LooksRare.
In conclusion, the value of the price floor for Ethereum NFT collections has experienced a notable decrease, while Bitcoin Ordinals have shown an increase. This has resulted in lower trading volumes, fewer trades, and declining revenue for NFT marketplaces on the Ethereum blockchain.
