IC NFT Collection Floor Prices Fall as the ICP Coin Price Rises

Adam Kantrowitz
Adam Kantrowitz
IC NFT Collection Floor Prices Fall as the ICP Coin Price Rises
Table of Contents
Table of Contents

If you’ve been around the NFT community for a couple of years, then you know that the state of the crypto market and the state of the NFT market usually follow the same pattern.

If you’ve been around the NFT community for a couple of years, then you know that the state of the crypto market and the state of the NFT market usually follow the same pattern. People who wholeheartedly believe in the 1 ETH = 1 ETH mantra will pay the same 1 ETH for an NFT, whether it's worth $400 or $4,000. So when the crypto market is doing well, floors go up, and vice versa.

So why is the opposite happening in the Internet Computer NFT marketplace as the price of ICP increases daily?

I have a couple of theories. And the good news is that if I’m right, it should settle back into a more normal pattern eventually.

The good news about lower floor prices is that you can get some real steals. I snagged this sleek helmet to use as my PfP on distrikt

Why the ICP Coin Price and NFT Floors Are Inverted

Besides the decreasing floor prices, there are also far more NFTs listed than in previous weeks. This means that not only may current sellers be lowering prices, but some holders may be trying to get out. Here are a couple of possible reasons for this.

· They are bearish and want more liquidity to short the current pump.

· They are so bullish they don’t believe their NFTs will keep up with ICP for increased value.

A Chainalysis chart comparing crypto values and NFT transaction prices in 2021.

Either way, things will only head in this direction for so long before reverting to the natural state of the NFT and crypto markets matching. Why?

· If the bears are right, once they are done shorting, they will come back to NFTs. If they’re wrong, they will sell you their NFTs for a discount and likely buy them back later at a higher price. Either way, holders win.

· If the bulls are right and ICP is on the fast track to the moon, the ecosystem will get more attention, including the NFTs stored on-chain. So even if your NFTs don’t increase in value as much as ICP does, they should still do well.

Of course, this is all speculation, and I am not an investment advisor, so you can’t take anything I write as investment advice. I believe fully in following the concept of never investing more than you can afford to lose.

IC NFTs I’m Keeping an Eye On

There are two main NFT projects I’m watching this week:

· PODs – Distrikt’s PODs are one of the few collections with an increasing floor price this week. I’m sure rarity rankings on Yumi are helping as collectors search for the rarest PfPs. Keep in mind that only about half of the PODs have launched, so the RR may change as more are released. In the meantime, I picked up a new PfP myself. It’s not rare, but it has the aesthetic appearance I wanted for my distrikt account.

0:00
/
Is Not Art uses a popular modern painting style to create 1/1 artworks for use as NFTs and merchandise

· Is Not Art – This project doesn’t launch until the first week of February, but it already caught my eye thanks to connecting modern art with NFTs and limited-edition clothing and TikTok marketing. I’m happy to see real art from a real Italian artist on the IC. The release is scheduled in three batches. The first batch will contain just 30 NFTs and will sell for 15 ICP each (10 ICP for those on the WL).

Whether you are buying, selling, hunting rares, or holding, have a great week, and I’ll see you next time!


Connect With Us:

Twitter | Telegram | Instagram | Facebook | Email


Connect with the author: Twitter | Website 

  • Disclaimer: The views and opinions expressed on this website are solely those of the original author and other contributors. These views and opinions do not necessarily represent those of the Dfinity Community staff and/or any/all contributors to this site.


Comments are for members only. Join the conversation by subscribing 👇.

Great! Check your inbox and click the link
Great! Next, complete checkout for full access to CoinHustle
Welcome back! You've successfully signed in
You've successfully subscribed to CoinHustle
Success! Your account is fully activated, you now have access to all content
Success! Your billing info has been updated
Your billing was not updated