NFT marketplace shows signs of recovery even though Bored Ape prices are down
A study shows that the NFT marketplace is set to hit over a whopping $230 billion in value by 2030
By Shashank Bhardwaj
The Ethereum floor price of the Bored Ape Yacht Club (BAYC) NFT collection was reported to have dropped to its lowest level since the beginning of the year on August 20. It occurred in the midst of a continuing NFT market slump and a broader crypto market crash. And the Bored Ape Yacht Club has suffered a significant setback. This year, its floor prices fell below $100,000. Since reaching an all-time high of 153.7 ETH on May 1, the NFT project has been on a downward trend. In August, BAYC fell to 69.69 ETH. In three months, the price had dropped by nearly 55 per cent. Notably, the floor price of an NFT collection is important in determining the health factor.
Crypto market conditions have deteriorated since the beginning of this year. Scams and hacks have been common. In addition, the number of low-quality projects is increasing. All of these factors have led many to question the utility of NFTs and their potential roles in Web3. Market conditions are also linked to ecosystem developments. These include rampant fraud and content oversaturation. It caused increased concern among those already involved in the space, as well as hesitation among consumers and businesses looking to enter the space.
BAYC is not the only one suffering in this scenario. OpenSea, the most popular NFT marketplace, has dropped 99 per cent in less than four months. OpenSea processed a record $2.7 billion in NFT transactions on May 1. However, on August 28, Sunday, the marketplace only recorded $9.34 million in value. CryptoPunks, another popular NFT collection, is down 19 per cent from its July high. Despite this, there is still hope for the NFT market to retaliate. According to a spokesperson of OpenSea,
"We always expected frothiness, hype, and deflation as the community and use cases evolve, the tech gets more sophisticated, and creators figure out how to build more utility into their projects."
It is high time to put infrastructure and security partners first. Only then can the NFT market be long-term successful and avoid future financial losses. Marketplaces must take steps to better align with evolving copyright and intellectual property standards. Furthermore, companies and projects must consider how to protect users internally. They must take advantage of open-source technology and create their own security features. Marketplaces must also begin curating artwork. This ensures that the highest quality pieces are not drowned out by a large number of NFTs. This will also aid in the identification of duplicates.
On August 29, it was reported that, prior to the launch of the y00ts NFT project on Solana, the prices for the team's current NFT collection, DeGods, reached new highs over the weekend. And, in terms of trading volume, DeGods has surpassed all NFT projects in the last 24 hours. As a result, it is clear that the NFT market has not been completely destroyed. Furthermore, according to a recent study, the Metaverse has the potential to grow to $5 trillion in value by 2030. And it is well known that NFTs are a key component of the Metaverse. In this context, it is predicted that the NFT market will be worth more than $230 billion by 2030.
Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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Bahamas may allow residents to pay taxes with cryptoRead More..
Coinbase to acquire BtcTurk exchange for $3.2 billionRead More..
Paris Hilton invests in Afterparty's new NFT ticketing platformRead More..
Ridley Scott to Make a Movie on EthereumRead More..
Russia to include cryptocurrencies in its updated tax lawsRead More..
40 crypto companies sign open letter to EU regulatorsRead More..
BTC and ETH will break all-time highs in 2022: Celsius CEORead More..
Blockchain games are leading the DApp industry: DappRadar reportRead More..
Finance Minister Nirmala Sitharaman calls for global crypto regulationsRead More..
WazirX co-founders shifting base to DubaiRead More..
Blockchain.com reportedly exploring IPO this yearRead More..
CoinDCX raises over $135 million in fresh funding round, now worth $2 billionRead More..
Atari terminates blockchain joint venture with ICICB GroupRead More..
Monero's July hard fork confirmed by its communityRead More..
Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange CoinberryRead More..
US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..