BAYC and MAYC see sales surge, but what about their floor price?
The market for top Ethereum-based PFP (Profile Picture) NFT collections continues to show signs of weakness, with continued drawdowns in their floor prices since last year, data from Delphi Digital has revealed.
Since June 2022, Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) , two of the most popular PFP NFT collections, have experienced a 20% decline in their floor prices.
Meanwhile, other collections, such as Clone X and Moonbirds, have suffered even steeper declines, with decreases of 55% and 65%, respectively.
<p lang=«en» dir=«ltr» xml:lang=«en»>Top Ethereum PFP NFT collections have continued their drawdowns since last year. pic.twitter.com/t0abvUNEz7— Delphi Digital (@Delphi_Digital) March 4, 2023
Since the start of the year, the NFT ecosystem has experienced a surge in trading volume, which has contributed to increased trading activity for various NFT collections.
Notably, BAYC and MAYC have seen significant surges in their sales volume year-to-date, despite the decline in their floor prices.
Towards the end of 2022, CryptoPunks briefly overtook BAYC as the NFT collection with the largest share of the market capitalization in the NFT market.
However, despite the steady decline in its floor price, BAYC regained its position as the top NFT project and currently holds 8.17% of the total market share.
While CryptoPunks’ brief takeover of the top spot in the NFT market indicates the growing competition in the space, BAYC’s ability to maintain its position as a leading NFT project demonstrates its resilience and enduring popularity.
At the time of writing, CryptoPunks’ market capitalization represented 7.82% of the entire market value.
Source: NFTGo
Moreover, while MAYC has also seen a non-stop
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