Data analyzed by the on-chain analytics platform Nansen shows that blue-chip non-fungible tokens (NFTs) are struggling, and their floor prices have plunged significantly.
According to the firm, the floor prices of most blue-chip NFTs crashed by more than 25% in the last 30 days. At the same time, the prices of a few collections recorded significant growth.
Blue-Chip NFTs are Struggling
Blue-chip NFTs are collectibles expected to have sustainable long-term value because of their cultural significance, historical trading activity, collector demand, rarity, and strong fundamentals.
An NFT floor price is the lowest amount for which an asset within a collection can be bought or sold. It is updated in real-time, recorded in ether (ETH), and gives insight into the activity and health of an NFT.
The past month has been unkind to top NFT collections like the Bored Ape Yacht Club (BAYC), DeGods, CryptoPunks, Azuki, Mutant Ape Yacht Club (MAYC), and Moonbirds. DeGods was hit the hardest with a 55% crash, while collections like Azuki Elementals and BAYC followed with 48% and 27% declines, respectively.
The floor price of CryptoPunks recorded a minimal plunge of 4.26%. MAYC and Moonbirds also saw declines of 20% and 26%.
Amid the drops, some NFT collections recorded positive growth and saw their floor prices increase by more than 50%. For example, the floor price of Milady, a collection of 10,000 generative pfpNFTs, spiked 66% to 4.59 ETH, gaining a few steps closer to MAYC’s price of 4.74 ETH.
The last 30 days haven’t been kind on NFTs…
Many of the “Blue-Chip” NFTs have seen their floor price drop by more than 25%, with Azuki’s continuing to decline since their Elementals launch
But it’s not all bad, as some NFTs have been breaking the down-only trend… pic.twitter.com/2xeVu84uJs
— Nansen
(@nansen_ai) August 22, 2023
NFTs Still See Adoption
In addition, the Sproto Gremlins NFT collection hit a floor price of 1.6 ETH after soaring 262% in the last 30 days. Due to the collection’s significant gains, most holders recorded big wins. Analyzing the top 20 holders, Nansen disclosed that the top Sproto holder is a legendary NFT collector, while there are six uncommon and epic collectors with no smart money addresses. Some Sproto collectors have sold their NFTs for a bit of profit.
Although the NFT market has recorded significant losses in recent months, the sector has gained adoption in several real-world use cases. CryptoPotato reported in April that Argentine low-cost airline Flybondi launched flight tickets in the form of NFTs. Before that, the national carrier of the United Arab Emirates unveiled NFTs and experiences in the metaverse for its clients and employees.
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