Struggles of Blue-Chip NFTs: Floor Prices Plunge

Data Shows Blue-Chip NFTs Struggling

Data analyzed by the on-chain analytics platform Nansen reveals that blue-chip non-fungible tokens (NFTs) are facing challenges, with their floor prices experiencing significant drops in the last 30 days. Here are the key points:

The floor prices of most blue-chip NFTs crashed by over 25% in the past month.
Blue-chip NFTs are collectibles that are expected to hold long-term value due to their cultural significance, rarity, and strong fundamentals.
The floor price represents the lowest amount for which an NFT within a collection can be bought or sold, providing insight into the health of an NFT.
Collections like the Bored Ape Yacht Club, DeGods, CryptoPunks, Azuki, Mutant Ape Yacht Club, and Moonbirds have seen significant declines in their floor prices.
However, there are also NFT collections that have experienced positive growth, with floor prices increasing by more than 50%.

Some NFT Collections Show Positive Growth

Despite the overall decline in blue-chip NFTs, certain collections have seen their floor prices increase. Here are the main points:

The floor price of Milady, a collection of 10,000 generative pfpNFTs, spiked by 66%.
The Sproto Gremlins NFT collection saw a 262% increase in its floor price.
Top holders of the Sproto collection have experienced significant gains, with one being a legendary NFT collector.
The NFT market has found adoption in real-world use cases, such as flight tickets offered by an Argentine low-cost airline and experiences in the metaverse provided by the national carrier of the United Arab Emirates.

Hot Take

The recent data analysis indicates that while there has been a general decline in blue-chip NFTs, certain collections have shown resilience and growth. This suggests that the NFT market remains dynamic, with both opportunities and risks for crypto enthusiasts. As the sector continues to evolve, it will be interesting to see how blue-chip NFTs and other collections adapt to changing market conditions and investor demand.