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nft floor price are down in a big way. Although price are stabilizing, i think traders are just watching whether Bitcoin will break below $19,000 and ETH below $1,000 before another rout
The benchmark always points to the best coins like Bitcoin and Ethereum because that is the basic thing that traders who are very active in the market always look at, because you yourself can see when both are still trending down, the market conditions are always not in a good category.
You can rely on Bitcoin and Ethereum as the market situation basis because most altcoins, as well as NFTs, rely on them but for me, the current market season is not a good time to invest in NFTs but rather potential and top coins that could resist the bear season. You can actually check the previous market history so you'll have an idea of the possible things that could happen.