• Top ETH NFT collections such as BoredApe and CryptoPunks have witnessed a drop in their floor price.
• ETH’s on-chain metrics were bearish, suggesting that investors must wait for another price pump. 

Ethereum’s [ETH] state in the NFT ecosystem seemed to have been dwindling for quite some time as the prices of its top NFT collections plummeted. Popular collections like Bored Ape [BAYC] and CryptoPunks have witnessed a considerable decline in their floor prices. 

Read Ethereum’s [ETH] Price Prediction 2023-24

Amidst this chaos, ETH bulls and bears were battling to flip each other while the token’s price struggled to cross the $1,900 mark.

A closer look at Ethereum’s NFT space

Messari’s recent tweet pointed out that ETH’s popular NFT collections like Bored Ape and CryptoPunks have seen a noteworthy 29% decrease in their floor prices.

Interestingly, this decline aligns with the overall marketplace activity in the Ethereum NFT ecosystem. In addition to that, CRYPTOSLAM’s data revealed that Ethereum’s NFT sales volume also declined slightly over the last 30 days.

The same trend was also seen in terms of the blockchain’s total number of NFT sellers last month. 

Ethereum’s NFT performance l
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Author: Dipayan Mitra

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