The prices of many non-fungible token (NFT) collections have recorded significant drops in recent weeks.This has raised fear, doubt, and uncertainty (FUD) in the minds of some of their holders, especially given the nascent nature of the NFT market.
Data from NFT tracking service NFT Price Floor reveal that the top three NFT collections have recorded a steep decline in recent months.
On October 2, 2021, Crypto Punks NFT attained an All-Time-High (ATH) of almost 125 ETH. However, since then the price has been on a continuous decrease with little increases along the chart. As at the time of the writing, the price of Crypto Punks has dropped to 66.5 ETH, which is almost 50% decrease from its ATH. Crypto Punks used to rank #1 on NFT Price Floor, but as at the time of the writing, it ranks #2, after the Bored Ape Yacht Club.
Bored Ape Yacht Club
After the Bored Ape Yacht Club (BAYC) collection hit an all-time high of nearly 119 ETH on February 1, 2022, the collection has seen a price decrease of over 40%, putting its current price at 72 ETH. However, BAYC still ranks #1 on the list of NFTs despite the price decrease.
Mutant Ape Yacht Club
Unlike the first two collections, the Mutant Ape Yacht Club (MAYC) has not had a huge decrease. On January 31, 2022, it saw an ATH of 26.529 ETH. Currently, MAYC is worth 15.14ETH, seeing just about 10% decrease. It still ranks #3 on the list of top NFT collections.
Crypto and NFT Markets in Red
The broader cryptocurrency market is also seeing a bearish downtrend similar to NFTs. For instance, the top three crypto assets are also seeing approximately 40%-50% declines from their previous highs.
Bitcoin (BTC) attained an ATH of $69,000, but is currently trading around $38,507. Similarly, Ether (ETH) is currently at $2,553 after reaching an ATH of around $4,800, while Binance Coin (BNB) which had an ATH of $650 is currently at $377.
Remarkably, these declines have not dampened the spirit of long-term investors. A handful remain cautiously optimistic that the market is capable of recovering from these steep decreases and attaining new highs.
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