Meanwhile, in the NFT art markets

Wednesday 22nd June, 2022 - Bruce Sterling

*That was then, this is now.

‘It’s Probably Gonna Be a Huge Cry Fest’: Plunging Crypto Markets Cast a Shadow Over NFT.NYC and Its Jittery True Believers




Although OpenSea still holds the position of being the busiest NFT marketplace, its average selling price, the number of traders, and sales volume are all down. On May 20, the platform had a daily trade volume of $43 million; on Tuesday, daily trades were less than half of that—17 million.

Coinbase spent $600 million on its new NFT marketplace, which was supposed to inject the ailing crypto exchange with new growth, but it hasn’t taken off as planned. After attracting $75,000 in trading volume when it swung open its doors to the public on May 4, activity has dwindled, with a volume of just $19,000 on June 20, according to Dune. Recently, the firm said it would cut a fifth of its staff amid the market downturn.

So-called “blue-chip” NFT collections are also troubled. Bored Ape Yacht Club, one of the most popular ethereum NFT projects, with more than $2.2 billion worth of trading volume to date, has seen a drop off amid the market upset. The cheapest available Bored Ape NFT is down more than 13 percent over the past 30 days, at a current price of 80 ETH ($91,000), per NFT Floor Price.

ApeCoin, the token of the Bored Ape Yacht Club ecosystem and its future Otherside game, has lost 85 percent of its value. After reaching a high of $27.57 on April 28, right before the Bored Ape Yacht Club launched its Otherside land sale, it’s now trading at a dismal $4.48, according to CoinGecko….