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Ethereum NFT Floor Prices Decline as Bitcoin Ordinals Gain Traction

Over the past week, the price floor of several leading Ethereum-based NFT collections has experienced notable declines, contrasting with the rising value of Bitcoin Ordinals.

According to data from CoinGecko and Magic Eden, prominent collections like Bored Ape Yacht Club, Mutant Ape Yacht Club, and Pudgy Penguins have seen their price floors drop by significant percentages. Specifically, there has been a 37% decrease for Bored Ape Yacht Club, a 42% decline for Mutant Ape Yacht Club, and a 38% decrease for Pudgy Penguins. In contrast, the NodeMonkes Ordinals collection on the Bitcoin blockchain has witnessed a remarkable 65% increase in value during the same period.

The term “price floor” refers to the minimum price at which an NFT from a collection is available for sale. This fluctuation in value is accompanied by a noticeable decline in monthly trading volumes and the number of trades for Ethereum-based NFTs.

According to data from The Block’s Data Dashboard, the trading volume for Ethereum-based NFTs in February dropped to $786 million, down over 10% from January’s $868 million. As of mid-March, the volume stands at $397 million.

Additionally, the total number of trades on Ethereum-based NFT marketplaces has decreased since January, from over 627,000 to 536,000 in February, with March’s figure currently at 160,000. This downward trend also extends to the monthly revenue of NFT marketplaces, which saw a 51% decrease from December’s $3.4 million to $1.6 million in February, impacting platforms such as OpenSea, X2Y2, and LooksRare.

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