NFTs Crater as Farmers Abandon OpenSea

Non-fungible tokens (NFTs) are continuing their multi-year downtrend, with prices and volumes plummeting after OpenSea’s first XP crate distribution.Legacy NFT collections such as Bored Ape Yacht Club and Pudgy Penguins are down more than 50% since the summer, when the market rallied following the start of OpenSea’s chest farming system. However, following the first chest distribution, OpenSea NFT volumes are now down 48% over the last week, and Blur’s are down 60%.Falling volumes are being reflected in asset prices. Bored Ape Yacht Club is down 26% over the last month to 6.55 ETH, or $24,000, its lowest price since 2021. Meanwhile, Pudgy Penguins are down 33% over the last month to 6.65 ETH, and are down 80% from their all-time high in December, which was catalyzed by the PENGU token launch.To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io