‘It could be a huge festival of screamers’: Plunging cryptocurrency markets cast a shadow over the opening of the world’s largest NFT conference

4th Annual Meeting NFT.NYC Conference opens today 1,500 speakers Show off their shiny new NFT collectibles.

The speaker came on the stage amid a dramatic collapse in the cryptocurrency market — both bitcoin and ethereum have lost more than 70% in value since November. Media headlines are filled with stories of crypto companies breaking up. The NFT market is also feeling the pain. All in all, these are tough times to sell NFTs. New NFT projects are not seeing the momentum they had a year or even a few months ago.

Japanese artist Takashi Murakami recent apology He showed this to his followers on Twitter after the price of a floral NFT plummeted in May.

Francis Kim, the Australian entrepreneur behind the NFT project love month, is going through a similar struggle. “I launched my collection two days ago. I haven’t seen my millions,” he told Artnet News half-jokingly. “Maybe the timing wasn’t right.”

He spent $5,000 to make his digital art collection and so far has received zero returns. gold, who made the news He didn’t take part after losing a dizzying amount of money in crypto margin trading earlier this year NFT.NYC because of travel expenses.

“In every story, I felt like a victim,” he said.

Since most transaction data comes from the NFT market itself, it’s difficult to get an accurate picture of what’s going on in the NFT market. The three main indicators of market performance include platform volume, the floor price of blue-chip NFT projects, and market sentiment — none of which are very good at the moment.

NFT.NYC 2022. Photo by Ben Davis.

While OpenSea remains the busiest NFT market, its average selling price, number of traders, and sales have all declined. On May 20, the platform’s daily trading volume was $43 million; on Tuesday, the daily trading volume was less than half of that — 17 million.

Coinbase spent $600 million on its new NFT market, which was supposed to inject fresh growth into the beleaguered cryptocurrency exchange, but it didn’t take off as planned. After reportedly attracting $75,000 in volume when it opened to the public on May 4, activity has dwindled, with only $19,000 in volume on June 20. dune. Recently, the company said it will cut One-fifth of its employees in a sluggish market.

So-called “blue-chip” NFT collections have also suffered. Bored Ape Yacht Club, one of Ethereum’s most popular NFT projects, owns over $2.2 billion Trading volumes have so far declined amid market volatility.The cheapest Bored Ape NFT is down more than 13% in the past 30 days and is currently priced at 80 ETH ($91,000) per NFT floor price.

ApeCoin, the token for the Bored Ape Yacht Club ecosystem and its future Otherside game, has lost 85% of its value. After reaching a high of $27.57 on April 28, just before the Bored Ape Yacht Club began its Otherside land sale, it is now trading at a dismal $4.48, according to CoinGecko.

Similarly, Cypherpunk Did not survive the crash. Its floor price is 67 ETH ($76,000), down 33 percent in the past 30 days, according to NFT Floor Price. And, Meebits, launched in 2021 by Larva Labs, the same company that created CryptoPunks, is down 5% over the past 30 days, with a floor price of 4.8 ETH ($5,472).

These three “decentralized” collectibles representing top NFT collectibles are now overseen by Yuga Labs.

Sentiment is falling as NFT critics grow louder in a bear market.Microsoft co-founder Bill Gates says NFTs the other day were “100% based on the bigger fool theory,” before sarcastically adding, “Obviously, expensive digital images of monkeys will greatly improve the world,”

Adam McBride, who chronicled the early history of NFTs, kept a long-term view as the broader cryptocurrency market crashed badly. “I’ve said since the middle of last year that at some point in the bear market, we’ll have a ‘NFT is BS’ moment,” he told Artnet News. “Who knows how low we can go. But I definitely have a number to buy a few CryptoPunks.”

Meanwhile, those who bought at the top were underperforming. Those who bought Bored Ape in early May fell by 70% to 80% in dollar terms, Kim said. “NFT.NYC Might be a big weeping feast. “

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