- BAYC and MAYC have seen a fall in their floor price since June 2022.
- This, has, however, impacted sales in no way.
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.
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.
BAYC and MAYC fail to relinquish top spots
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 drop in its TVL in the last year, the sales volume for the NFT project continues to climb.
According to data from NFTGo, MAYC’s sales volume in the last year represented 6.33% of the entire market sales volume. BAYC stood ahead with 7.69% within the same period.
In fact, the combined sales volume of Yuga Labs’ BAYC, Otherdeed, and MAYC represented 22% of the entire sales recorded in the NFT market in the period under review.
Source: NFTGo
Yuga Labs tells other creators to go home
According to a new report from DappRadar, Yuga Labs led the NFT market in February with five collections, BAYC, MAYC, BAKC, Otherdeeds, and Sewer Pass, occupying the top 10 positions of the highest-grossing NFT collections on the Ethereum blockchain.
These collections represented 30% dominance over the entire NFT trading volume on Ethereum, which amounts to a staggering $1.6 billion.
Source: DappRadar