Ethereum NFT Prices Bounce Back after Crypto Market Crash
The anxiety and uncertainty surrounding the cryptocurrency market fall appeared to flow into the tokenized collectibles area as well, with many of the most valuable and in-demand NFT collections seeing dramatic price drops yesterday.
With one notable exception: Azuki, an Ethereum NFT collection that has been dogged by controversy over the previous day, several of those NFT projects have regained significant value today.
According to data from NFT Price Floor, the floor price—or the cheapest available NFT listed on a secondary market—for projects like the Bored Ape Yacht Club, Moonbirds, Mutant Ape Yacht Club, Clone X, and Doodles has all risen by double-digit percentages when measured in US dollars.
On one hand, growing values are linked to the price of Ethereum, which has climbed somewhat from its low of a little over $2,200 yesterday. The price of ETH is currently about $2,045. However, when assessed fully in ETH, the lowest-priced NFTs in many collections are still up significantly.
Moonbirds, a hot new project launched by IT entrepreneur Kevin Rose and his PROOF Collective last month, has seen one of the highest single-day bounce backs among so-called "blue chip" NFT companies.
As of this writing, the Moonbirds floor price is 20.22 ETH (about $39,700), a slight increase in USD value over the previous 24 hours. Moonbirds was hammered worse yesterday, reaching a low of around 17 ETH, maybe owing to its recency.
The Bored Ape Yacht Club floor is down 18% to $172,886 (88 ETH) today, Mutant Apes are up 3% to over $35,952 (18.3 ETH), and Otherdeed virtual land deeds for the future Otherside metaverse game—from the Bored Ape creators—are up 13% to about $6,900. (nearly 3 ETH).