NFT market decline continues, Bored Ape, CryptoPunks below 50ETH
Last month, the floor prices of blue chip CryptoPunks and Bored Ape Yacht Club dropped below $100,000 worth of ETH. The broader NFT market has never seen such a sharp decline in the past year.
According to the NFT Price Floor, it currently costs 49.8 ETH ($93,239.34 at the time of writing) to buy a cryptopunk. NFT prices are struggling to recover with the slower uptrend in the entire crypto market affecting the NFT market in a big way.
Similarly, Bored Ape, the most preferred NFT project among international celebrities, saw a steep decline. It costs at least 49 ETH, or about $92,200, to enter the collection. Buying Bored Ape NFTs in 2021 did not sell cheap.
According to Dune Analytics, daily trading across all NFT markets has fallen by a staggering 71% since mid-April. These falling numbers are symptomatic of a more significant concern: fewer and fewer are being traded across the entire NFT market.
The decline in activity has been gradual and has been invariable across platforms. Such a low number of NFT trades – just under 20,000 on Thursday – is the first since late 2021.
The main reason behind the sharp decline is still unclear. Following the successful completion of the Ethereum Shanghai upgrade, the price of Ethereum’s native token does not reflect any significant changes.
CoinMarketCap ranked ETH as the second most traded and used cryptocurrency after Bitcoin, and at press time it was trading at $1875.03 with a 24-hour trading volume of $6,718,593,709.
Yuga Labs wins Ryder Ripps lawsuit
Yuga Labs filed a lawsuit against Ryder Ripps and its co-founder Jeremy Cahen for trademark infringement, false advertising and unfair competition, among other allegations.
At trial, the Central California court found that Ripps and Cahen infringed Yuga Labs’ trademark with their RR/BAYC NFT collection. The court further ordered that Yuga be entitled to an injunction and damages, which will be defined at trial.
The lawsuit puts the spotlight on the importance of safeguarding intellectual property rights in the rapidly growing NFT market.
After its launch, Bored Ape’s exhibition quickly developed into one of the most famous and valuable NFT projects. Regardless, allegations of plagiarism have been made in the Bored Ape community, raising questions about the legality of the project and the future of NFTs.
Disclaimer
The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional money exchange systems. She is also fascinated by blockchain technology and its function.
