The non-fungible token market is slightly bleeding today. Over a span of 24 hours, numerous non-fungible token collections have seen their floor prices plummet. Despite the fall in floor price, the daily trading sales volume has risen over 40% to $37 million. This sudden rise in trade volume, along with falling floor prices, means investors are panickily selling their NFTs.
NFT Market Bleeding as Wash Trading Takes Over?
The latest floor price data paints a grim picture:
📉 Pudgy Penguins down -6.99%
📉 Azuki down -6.34%
📉 Lil Pudgys down -9.42%
📉 BAYC down -4.67%
📉 Kaito Genesis down -1.34%Whales are wash trading NFTs back & forth to farm… https://t.co/wZSyb1bSoX
— Crypto Conqueror (@harry_chinh) February 16, 2025
OpenSea Faces Massive Community Backlash
Non-fungible token traders have associated the recent sudden fall in floor prices with the recent token farming introduced by OpenSea. Over the weekend, the NFT market platform OpenSea launched its highly anticipated OS2 update alongside its native token $SEA. Unfortunately, these products have generated widespread controversy across the non-fungible token community and fueled the NFT floor prices to plunge.
The trading activity of the top Opensea $SEA airdrop farmers is absolutely crazy.
Let’s take a look at DE777, the top XP farmer of the last 24 hours.
As soon as one of his bids is triggered, he immediately dumps the NFTs on the next farmer, sometimes within seconds of his bid… pic.twitter.com/q9MAT9XZrN
— wale.moca 🐳 (@waleswoosh) February 17, 2025
Earlier this week, the updated NFT marketplace “OS2” started allowing users to earn XP tokens through bidding and listing NFTs, a system designed to distribute $SEA tokens in an upcoming airdrop. Nonetheless, traders have quickly identified other ways to use the XP system, including engaging in high-frequency flipping of NFTs with minimal losses to maximize their XP rewards.
LOL, @opensea literally dropped the NFT market with their XP system pic.twitter.com/ptbcJi9QYb
— Wen ALTseason? (@wenaltseason) February 17, 2025
This practice has led to an explosion of high-frequency trading, with top XP farmers flipping NFTs in seconds, pushing marketplace volume to artificial highs, and causing significant damage to NFT floor prices. The NFT community criticized OpenSea for prioritizing volume and fees over the long-term health of the NFT ecosystem. In 2023, the Blur NFT market platform made the same mistake and significantly damaged NFT floor prices.
NFT Floor Prices Fall +5% In The Past 24 Hrs
Data compiled by CoinGecko.com, an on-chain crypto market data aggregator and a multi-chain non-fungible token market explorer, indicates that numerous non-fungible token collections have seen their floor prices plummet. Pudgy Penguins, a non-fungible token collection from the digital asset firm Igloo featuring a fixed set of 10,000 cartoon NFTs hosted on the Ethereum blockchain network, is one of the NFT collections that have seen its NFT floor price plunging. In the past 24 hours, Pudgy Penguin NFT floor price has plunged 5.6% from the past day.
Source: CoinGecko.com, NFT floor price in the past 24 hours
Kaito Genesis, a non-fungible token collection from the Kaito AI, a crypto analytics platform that features a fixed set of 1,500 NFTs hosted on the Ethereum blockchain network, is another NFT collection that has seen its NFT floor price plunging today. In the past 24 hours, Kaito Genesis NFT floor price has plunged 5.6% from the past day. It has a floor price of 10.20 ETH.
Doodles, a non-fungible token collection from the digital artist Burnt Toast featuring a limited set of 10,000 cartoon NFTs hosted on the Ethereum blockchain network, is among the non-fungible token collections that have seen their floor price plunging today. In the past 24 hours, the Doodles NFT collection has seen its floor price fall by 7.8%. At the time of publishing, Doodles has a floor price of 3.68 ETH.
Bored Ape Yacht Club, a non-fungible token collection from Yuga Labs featuring a limited set of 10,000 NFTs, and Milady Maker, a non-fungible token collection from Remilia featuring a fixed set of 10,000 NFTs, have also seen their floor price falling today. In the past 24 hours, the Bored Ape Yacht Club NFT floor price has plunged by 6.0%, while the Milady Maker NFT floor price plunged by 10.7% from the past day. In the meantime, the OpenSea team has confirmed that they are actively taking feedback and are devoted to correcting the mistake.
EXPECT AN UPDATE SOON 🚨
The OpenSea team has confirmed that they are actively taking feedback and evaluating the situation.
Farmer behavior is likely the first issue to be addressed, with a potential XP reset ready to roll out.
This is probably Step 1, and the most… https://t.co/MSrSbED6bR
— Loki The Bird 😈 (@lokithebird) February 18, 2025
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