The floor price of the popular NFT series plummeted due to the bear market

In the face of Monday's extraordinary market sell-off, there doesn't appear to be any respite for the crypto space. According to NFT Price Floor, the floor prices of the two most popular non-fungible token (NFT) series on the market, Bored Ape Yacht Club (BAYC) and CryptoPunks, fell to 74 ETH ($92,223) and 48 ETH ( $69,473).

In comparison, the highest floor price in the BAYC series was 153.70 ETH, while the same indicator in CryptoPunks was 123 ETH. The data aggregator tracks 380 collections with a combined market capitalization of $5.58 billion as of this writing.

The NFT sell-off was fueled in part by a warning from Yuga Labs co-founder Gordon Goner (which owns BAYC and the CryptoPunks franchise) an “imminent” attack on social media accounts run by the company just a day earlier. .

The upcoming attack was allegedly backed by Twitter insiders who helped bypass the accounts' security protections. Yuga Labs’ social accounts have been compromised three times this year, some of which involved sophisticated phishing attacks that saw users steal millions of dollars worth of NFTs.

Meanwhile, OpenSea.io, the most traded NFT marketplace, has seen its user count drop by 14% over the past month, according to DappRadar. Meanwhile, monthly transaction volume fell 65% to $500 million. Interestingly, the number of transactions increased by 6.4% from the previous month, which may be due to the large number of users looking to sell their NFT collections at better prices.