- The Blue-Chip Index fell by more than 35% in the past three months.
- While BAYC saw a drop in rock bottom prices, the value of the Milady Maker collection has more than tripled.
The value of Blue-Chip NFTs has continued to fall in recent weeks amid a general slowdown in the profile picture NFT (PFP) market.
Blue-Chip NFTs are considered to be of high quality and have great potential for future growth. They are often characterized by their high rock bottom price, strong community, and potential for future utility. It includes NFT projects such as CryptoPunks, Bored Ape Yacht Club [BAYC]CryptoKitties, Milady and more.
An important indicator of this decline is the Blue-Chip Index. According to NFTGothis metric tracks the performance of the NFTs that make up this category and is calculated by weighting their market capitalization to determine their performance.
Peaking at 8421 ETH on June 5, the Blue-Chip Index has been moving downwards ever since. At 5208 ETH at the time of writing, it is down 38% in the past 90 days.
Source: NFTGo
Degens have increasingly shunned the Bored Apes
The year to date has been marked by a steady decline in the value of NFTs that are part of the BAYC collection. At the time of writing, BAYC’s bottom price was 25.6 ETH. The last time an NFT from the BAYC collection traded before this low was August 2021.
Bored Ape floor below 30 ETH now
Very wild to watch, the NFT space has definitely gone haywire
Do you think this will return in full or will there be a 2nd bull run? pic.twitter.com/G8yvWwaeNy
— DonAlt (@CryptoDonAlt) August 16, 2023
The NFT craze of 2021 and early 2022 pushed the bottom price of the collection to a high of 128 ETH in April 2022, from where it has since dropped by 80%. Year-over-year, BAYC bottom price is down 64%, data from NFT price floor revealed.
Source: NFT Price Floor
The decline in value of BAYC is due to the drop in trading volume in recent months. According to data from CryptoSlam, BAYC’s daily trading volume peaked at $11.47 million on February 22, 2023 and has been declining ever since. As of August 18, it was $923,085.
This represented a daily trading volume decline of 92% in six months.
Source: CryptoSlam
There is an outlier
While other leading NFT projects struggled with a massive drop in value, the Milady Maker collection has seen rock bottom price rise “more than 4x since January, to resist the market’s broader downtrend,” Messari found in a new report. .
Source: Messari
At the time of writing, Milady’s bottom price was 3.70 ETH. As of Jan. 1, it was less than 1 ETH, according to NFT Price Floor.
According to Messari:
“The key to Milady’s success seems to be the vibrant and engaged community, actively participating in the evolution of the collection and championing it on various social platforms as a form of digital counterculture. This community involvement is reminiscent of the spirit of the NFT boom in 2021, where collectors were driven by a sense of belonging and passion for the art.”