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The NFT market is experiencing a significant downturn, with collections like CryptoPunks, Bored Ape Yacht Club (BAYC), and Pudgy Penguins seeing substantial drops in prices. Liquidity providers are withdrawing funds, and bad debt is accumulating in platforms like BendDAO. The floor prices for various NFT collections have plummeted by 60-90%, leading to concerns about the lack of buying pressure and the need for a catalyst to revive interest in NFTs.
CryptoPunks drop below 25eth for the first time since 2021, with several sales in the last 24 hours for less than 22eth 📉 Can NFTs stop bleeding now please? 😭 https://t.co/biECmqV6Mt
ETH NFT floor prices are down BAD... @EasyEatsBodega is interested in buying the @BoredApeYC dip? Comment the collections + prices that would make you a buyer👇 https://t.co/8MuP9TAI6k
The CryptoPunks floor is now below 25 ETH 🙈 With 29 Punks listed below 30 ETH now. And a rebound doesn't seem imminent. In the past 3 hours, 14 Punks have moved below 24 ETH on Blur - including 9 sub-22 ETH. Where is the bottom? https://t.co/uYKUNk6jxV