In the accounting world, if an asset can’t get any bids then, by definition, its value is closer to zero than any other number. Similarly, in the world of NFTs, those who spent upwards of six figures on an NFT during last year’s bull run but have since seen values plummet by up to 99% are now holding “bags” that may very well be worth nothing.
Last year the NFT market started a bull run of unprecedented proportions with daily average sales reaching an all-time high of $178.46 million in July. The run spilled over into the early part of this year, with average daily sales in January hitting $189.5 million. However, today, the average daily volume of NFT sales has dropped by more than 90% from its peak.
The most expensive NFT ever sold was CryptoPunk #9998, which sold for a whopping $530 million or 124,457 ETH. The bizarre exchange happened on October 28 last year and whoever bought it seems to have also spent millions of dollars on high-priced NFT collections, including Fidenza and Meebits.
Some pricey NFT collections, such as Fidenza and Autoglyphs, have retained much of their value. However, these seem to be exceptions to the rule. Other collections are way down from their all-time highs, including the historic CryptoPunks — the first NFT avatar collection — and the Bored Ape Yacht Club.
Some NFT collections like Meebits have crashed in value but occasionally still receive pricey bids. Indeed, earlier this week, one of the most expensive Meebits ever, which sold in May last year for 700 ETH (more than $2.5 million), saw a bid of 98.65 ETH or just over $126,446.
Ringers #109, an artwork that was sold for 2,100 ETH or $7.12 million on October 2, currently has a bid of $40,000.
Even the most popular artists are struggling to catch bids anywhere near previous levels. Uber-popular artist Beeple sold one of the most expensive NFTs on record when his work Everydays: The First 500 Days sold at a Christie’s auction for $69.3 million last March.
His second most expensive NFT, Human One, fetched a total of $28.3 million and he sold another piece via Nifty Gateway called Crossroad. This was bought for $6.6 million by someone setting up a museum of crypto art.
Beeple’s highest sale via OpenSea was for 333.33 ETH or $575,327 on March 9, 2021, and the best offer for his work right now is 0.95 ETH or $1,215.
XCOPY is another established artist who has sold some of the most expensive NFTs on record via SuperRare.com with an artwork called All Time High in the City going for 1,630 ETH or $6,189,469 on January 2, 2022. Another of his works, A Coin for the Ferryman, went for 1,330 Ether or $6,017,292 in November last year. The artwork doesn’t currently have any bids.
All Time High in the City is currently listed for 33,600 ETH or $43 million but has no offers. XCOPY’s highest sale on OpenSea was for 80 ETH, worth around $289,200 on October 6 2021 and its best offer right now is 2.41 ETH or $3,114.
The most expensive NFT created by XCOPY was Right-Click and Save as Guy, bought by rapper Snoop Dogg for 1,600 ETH or $7,088,229 in December 2021. The piece currently has an offer for 0.0001 ETH.
Other collections are literally crashing to zero. Here is a list of high-priced NFTs that can’t attract a proper bid today.
The collection’s highest sale was 500 ETH or $1,816,000 on December 30, 2021. Today, the best offer stands at just 0.4 Ether, or $552.
Despite a sale of 420 ETH or $1,513,680, on October 9, 2021, the best offer right now is just 0.01 Ether, worth $12.92.
This collection’s highest sale was 350 ETH or $1,037,400 in April this year. No offers have been made but the floor price for the collection is now 10.3 ETH and the best offer is 9.27 ETH. That’s just $11,958.
The highest sale achieved for so-called Sand tokens was $918,862 for 3,644,834.61 tokens in July last year. The best offer right now is 1.8 ETH or $2,303.26.
The collection’s highest sale brought in 400 ETH, valued at $647,600 on August 22 this year. The best offer right now is just five ETH or $6,543.
YouTuber Logan Paul gave this collection its biggest-ever sale when he spent 188 ETH worth $623,032 in August last year. The best offer right now is just one ETH or $1,294.
The biggest price achieved for a CrypoKitty was $600,000 in USDC back in September 2021. However, there are no current bids and the last offer was just 0.3 ETH.
The highest sale achieved by this collection was 200 ETH, worth $590,000 on March 3, 2022. The best offer right now is 3.6854 ETH, or $4,789.
The biggest price ever fetched by this collection was 33 ETH, valued at $102,564 on August 26, 2021. The best offer right now is 0.27 Ether, or $350.