NFT market downtrend sees lower floor prices for leading collections like BAYC and Pudgy Penguins

The price floor of most of the top five NFT (non-fungible token) collections by market capitalization has plummeted in value in the past week, according to CoinGecko data .

Major NFT collections, including Bored Ape Yacht Club , Froganas, Mutant Ape Yacht Club, and Pudgy Penguins , have experienced price floor drops of 37%, 5%, 42%, and 24%, respectively, over the past seven days. The Bitcoin blockchain's NodeMonkes NFT collection stands out positively in contrast to the overall downtrend, having gained 65% in the same period.

The price floor of NFT collections refers to the minimum price at which a particular NFT within that collection is listed for sale.

Monthly Ethereum NFT volume decreases

Most of the top five NFT collections minted on the Ethereum blockchain , such as Bored Ape Yacht Club, Mutant Ape Yacht Club, and Pudgy Penguins, have all suffered significant floor price declines in the past week.

According to The Block's Data Dashboard , monthly trading volume on Ethereum ETH -0.69% -based NFT marketplaces has fallen since the beginning of the year. February's total trading volume was $786 million, a drop of over 10% from January's $868 million. The trading volume on Ethereum-based NFT marketplaces for March thus far stands at a low of $397 million.

Monthly NFT marketplace revenue declines

The monthly revenue of NFT marketplaces, including OpenSea, X2Y2 and LooksRare, has also declined since December. According to The Block's Data Dashboard , the combined revenue for OpenSea, X2Y2, and LooksRare in December was $3.43 million. However, January experienced a sharp decline, and February's revenue amounted to $1.67 million, representing a 51% decrease.