While the prices of most major cryptocurrencies have stagnated over the past 30 days: Bitcoin and Ethereum are up just 1.7% and 4%, respectively, while BNB and XRP are down 3.9% and 7% respectively (according to CoinMarketCap), NFT prices gained traction. According to NFT Price Floor, the price of an NFT from the Bored Ape Yacht Club (BAYC) collection has increased by 17.5% over the past 30 days to $117,750.
Last 90 days reserve price for BAYC NFT.Source: NFT Price Floor
The Bored Ape Yacht Club NFT series is currently the most valuable series in the NFT field, with a market value (based on reserve prices) of approximately $1.177 billion. The minimum price to own a CryptoPunk has increased by about 5.5% over the same period – CryptoPunk is the second most valuable NFT collection with a market cap of over $1 billion.
CryptoPunk reserve price for the last 90 days.Source: NFT Price Floor
NFT Prices Gain Despite Macro Headwinds
NFTs rallied despite broader risk aversion in traditional asset classes – a run of strong US data last month prompted the Fed to tighten bets – inflation picked up again, US economic activity and the labor market remain very strong. The Fed is expected to raise interest rates to around 5.5% by mid-year, up from a pause at 5% expected a month ago.
This change is often seen as a negative sign for digital assets, which are still considered a speculative asset class. In this case, NFT is one of the hardest-hit industries. The rally also comes at a time when U.S.-focused crypto firms are under increasing regulatory pressure, with the SEC recently targeting Kraken’s staking program and Paxos’ BUSD offering.
Soaring volume supports gains
Prices remain resilient amid surging NFT volumes. According to DappRadar’s just-released monthly report, February’s transaction volume surpassed $2 billion, the highest monthly transaction volume since May 2022. At the same time, DappRadar’s website shows that in the past 30 days, the top seven NFT exchanges have a trading volume of more than 2 billion U.S. dollars, of which Blur’s trading volume is as high as 1.45 billion U.S. dollars.
Blur, which launched its platform in October, received a lot of hype last month ahead of the platform’s token airdrop — BLUR is allocated to Blur platform users based on their trading activity. The exchange has seen massive growth in the past 30 days — according to DappRadar, the platform already has 158,000 UAWs (the only crypto wallet it interacts with), an increase of over 200% in the past 30 days. Deal volume has also grown by more than 200% over the same period, while transaction volume has grown by 150%.
Blur’s marketplace currently charges no transaction fees, and its February surge spurred OpenSea, the longtime industry leader in the NFT marketplace, to drop fees to zero. Analysis shows that Blur airdrop hype and fee slashing by the largest players in the NFT market are the main catalysts for the recent increase in NFT volume and near recovery, which is NFT prices.
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According to Crypto News
