{"id":624119,"date":"2024-06-12T03:00:29","date_gmt":"2024-06-12T03:00:29","guid":{"rendered":"https:\/\/www.shenyangcang.com\/?p=624119"},"modified":"2024-06-12T09:31:17","modified_gmt":"2024-06-12T09:31:17","slug":"nft-prices-tumble-as-crypto-investors-place-big-bets-on-bitcoin-and-ethereum-etfs","status":"publish","type":"post","link":"https:\/\/www.shenyangcang.com\/nft\/nft-prices-tumble-as-crypto-investors-place-big-bets-on-bitcoin-and-ethereum-etfs\/","title":{"rendered":"NFT Prices Tumble As Crypto Investors Place Big Bets On Bitcoin And Ethereum ETFs"},"content":{"rendered":"<p><span style=\"font-weight: 400\">In a market dominated by optimism surrounding the price spikes of Bitcoin (BTC) and Ethereum (ETH), the <\/span><a href=\"https:\/\/www.shenyangcang.com\/news\/bitcoin-volatility-reaches-historic-low\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">non-fungible token<\/span><\/a><span style=\"font-weight: 400\"> (NFT) market has seen a decline in popularity. NFTs, which include digital artwork and collectibles recorded on blockchains, have recently experienced a notable loss of appeal.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to a Bloomberg <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-11\/nfts-fail-to-regain-appeal-as-investors-turn-to-new-ether-etfs\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">report<\/span><\/a><span style=\"font-weight: 400\">, Google searches for NFTs have reached their lowest levels since 2021, when these tokens first gained mainstream attention.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Popular NFT Collections Experience Steep Price Declines<\/span><\/h2>\n<p><span style=\"font-weight: 400\">A significant drop in sales further highlights the NFT market&#8217;s struggles. Researcher DappRadar reveals that NFT <\/span><a href=\"https:\/\/www.shenyangcang.com\/news\/ripple\/xrp-price-aims-0-550\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">sales have decreased<\/span><\/a><span style=\"font-weight: 400\"> by more than six percent to $8.5 billion in the first five months of this year compared to the same period in the previous year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This decline starkly contrasts the industry&#8217;s peak in January 2022, when it recorded an impressive $17.2 billion in NFT sales within a single month.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.shenyangcang.com\/news\/blood-in-the-water-ethereum-whales-circle-as-price-drops\/\" target=\"_blank\" rel=\"noopener \">Blood In The Water? Ethereum Whales Circle As Price Drops<\/a><\/div>\n<p><span style=\"font-weight: 400\">The report further notes that the sentiment surrounding NFTs hit last month when the US Securities and Exchange Commission (SEC) initiated steps toward approving<\/span><a href=\"https:\/\/www.shenyangcang.com\/bitcoin-news\/is-now-the-time-to-buy-bitcoin-latest-chart-analysis\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\"> exchange-traded funds<\/span><\/a><span style=\"font-weight: 400\"> (ETFs) directly investing in Ethereum.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In anticipation of this approval, some investors reportedly began reallocating their investments into ETH while divesting from NFTs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Nicolas Lallement, co-founder of NFT data tracker NFT Price Floor, explains that capital rotation is common in crypto markets, with Ethereum likely to continue attracting and absorbing <\/span><a href=\"https:\/\/www.shenyangcang.com\/news\/banks-bust-bitcoin-booms-price-skyrockets-40-during-us-banking-crisis\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">market capital<\/span><\/a><span style=\"font-weight: 400\">, resulting in price drops for other assets like NFTs.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This year, many popular NFT collections have experienced significant price declines. NFT Price Floor reports that prices for these collections are down by 40 percent to 50 percent year-to-date.\u00a0<\/span><span style=\"font-weight: 400\">CryptoPunks, a collection minted on the Ethereum network, is trading around 2021 levels and has dropped by 29% from its lowest point in the previous year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Similarly, collections such as Bored Ape Yacht Club (BAYC) and Chromie Squiggle have seen their price floors, based on Ethereum, decrease to approximately half of what they were at the lowest point of last year.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Market Correction Looms<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Daniel Maegaard, an NFT collector, confirms that most NFT collections continue to decline or remain stagnant after the <\/span><a href=\"https:\/\/www.shenyangcang.com\/bitcoin-news\/bitcoin-67000-another-retest-support-happen\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">peak euphoria <\/span><\/a><span style=\"font-weight: 400\">observed in 2021. Maegaard has recently sold several blue-chip NFTs, including works by digital artists XCOPY, Hackatao, and Coldie.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">While some NFT art collections, such as XCOPY&#8217;s, have posted positive returns over the past 90 days, Lallement says the overall trend points to a market correction.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.shenyangcang.com\/news\/bitcoin-price-crashes-below-67000-key-reasons\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Price Crashes Below $67,000: Key Reasons<\/a><\/div>\n<p><span style=\"font-weight: 400\">Amidst the challenges faced by the NFT market, one platform that has shown resilience is the NFT marketplace, Magic Eden. The platform has been gaining market share as trading activity on its platform has increased, as per Sara Gherghelas, an analyst at DappRadar. Although Magic Eden recorded <\/span><a href=\"https:\/\/www.shenyangcang.com\/news\/ethereum\/ethereum-buying-pressure-critical\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">record volume<\/span><\/a><span style=\"font-weight: 400\"> in April, trading activity has since decreased.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In sum, the current state of the non-fungible token market reflects a decline in popularity and prices. While some individual collections have shown positive returns, overall market sentiment suggests a continuation of the NFT market correction.\u00a0<\/span><\/p>\n<figure style=\"width: 1815px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/gtVPy2u4\/\" alt=\"NFT\" width=\"1815\" height=\"858\"><figcaption class=\"wp-caption-text\">The daily chart shows that ETH&#8217;s price is trending downwards. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/7W2R5XTA\/\" target=\"_blank\" rel=\"noopener nofollow\">ETHUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">At the time of writing, ETH was trading at $3,480, following Bitcoin&#8217;s lead, with a sharp 5% drop in the past 24 hours and over 8% in the past seven days.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Featured image from DALL-E, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a market dominated by optimism surrounding the price spikes of Bitcoin (BTC) and Ethereum (ETH), the non-fungible token (NFT) market has seen a decline in popularity. NFTs, which include digital artwork and collectibles recorded on blockchains, have recently experienced a notable loss of appeal.\u00a0 According to a Bloomberg report, Google searches for NFTs have reached their lowest levels since 2021, when these tokens first gained mainstream attention. Popular NFT Collections Experience Steep Price Declines A significant drop in sales further highlights the NFT market&#8217;s struggles. Researcher DappRadar reveals that NFT sales have decreased by more than six percent to $8.5 billion in the first five months of this year compared to the same period in the previous year.\u00a0 This decline starkly contrasts the industry&#8217;s peak in January 2022, when it recorded an impressive $17.2 billion in NFT sales within a single month. Related Reading: Blood In The Water? Ethereum Whales Circle As Price Drops The report further notes that the sentiment surrounding NFTs hit last month when the US Securities and Exchange Commission (SEC) initiated steps toward approving exchange-traded funds (ETFs) directly investing in Ethereum.\u00a0 In anticipation of this approval, some investors reportedly began reallocating their investments into ETH while divesting from NFTs.\u00a0 Nicolas Lallement, co-founder of NFT data tracker NFT Price Floor, explains that capital rotation is common in crypto markets, with Ethereum likely to continue attracting and absorbing market capital, resulting in price drops for other assets like NFTs. This year, many popular NFT collections have experienced significant price declines. NFT Price Floor reports that prices for these collections are down by 40 percent to 50 percent year-to-date.\u00a0CryptoPunks, a collection minted on the Ethereum network, is trading around 2021 levels and has dropped by 29% from its lowest point in the previous year.\u00a0 Similarly, collections such as Bored Ape Yacht Club (BAYC) and Chromie Squiggle have seen their price floors, based on Ethereum, decrease to approximately half of what they were at the lowest point of last year. Market Correction Looms Daniel Maegaard, an NFT collector, confirms that most NFT collections continue to decline or remain stagnant after the peak euphoria observed in 2021. Maegaard has recently sold several blue-chip NFTs, including works by digital artists XCOPY, Hackatao, and Coldie.\u00a0 While some NFT art collections, such as XCOPY&#8217;s, have posted positive returns over the past 90 days, Lallement says the overall trend points to a market correction. Related Reading: Bitcoin Price Crashes Below $67,000: Key Reasons Amidst the challenges faced by the NFT market, one platform that has shown resilience is the NFT marketplace, Magic Eden. The platform has been gaining market share as trading activity on its platform has increased, as per Sara Gherghelas, an analyst at DappRadar. Although Magic Eden recorded record volume in April, trading activity has since decreased. In sum, the current state of the non-fungible token market reflects a decline in popularity and prices. While some individual collections have shown positive returns, overall market sentiment suggests a continuation of the NFT market correction.\u00a0 At the time of writing, ETH was trading at $3,480, following Bitcoin&#8217;s lead, with a sharp 5% drop in the past 24 hours and over 8% in the past seven days. Featured image from DALL-E, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":624120,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83565,85601],"tags":[428,532,9960,679,1119,1144,78790,6664,14690,54512,8323,1946,84816,85865,84485,91400,87641,91402,83355,91403,91198],"class_list":["post-624119","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nft","category-nft-market","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-etfs","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-news","tag-defi","tag-eth","tag-ethereum","tag-ethereum-etfs","tag-nft-market","tag-nft-marketplace","tag-nft-price","tag-non-fungible-token","tag-non-fungible-token-nft","tag-non-fungible-tokens","tag-non-fungible-tokens-nfts","tag-spot-ethereum-etfs"],"acf":[],"yoast_head":"\n<title>NFT 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