According to data from Nansen.ai, some of the best-known “blue-chip” non-fungible tokens (NFTs) have seen their floor prices fall by more than 25% in the past month.
NFTs are a special type of crypto asset that gives its holder ownership of a real or digital asset. The floor price in NFTs refers to the minimum price a seller wants for an item in a collection, and serves as an indicator of a collection’s popularity and perceived value.
However, this measure can be manipulated and does not always accurately reflect the true market value of an NFT, with other factors such as rarity characteristics and market conditions causing price fluctuations.
Data from the chain shows that the bottom price of the Bored Ape Yacht Club collection is down 27%, while DeGods is down 55%. Azuki, which sold out its ‘Elementals’ NFT coin in 15 minutes in June, raising $38 million in the process, saw rock bottom prices drop 36%.
Meanwhile, the Nansen NFT-500 index is down 40% this year, while the Blue Chip 10 index is down 33%.
While ether prices typically determine the value of NFTs, values have fallen faster than the currency in which they are usually denominated. Ether is down 9.6% from the previous month, according to CoinDesk Indices data, and up 1.9% over the past year.
However, it’s not all bad news in the NFT market. Some lesser-known collections have made a profit.
The bottom price of Miladays is up 66% and is approaching the Mutant Ape Yacht Club, Nansen explained in a tweet thread, while Sproto Gremlins, which has a following among bitcoin HODLers, is up 262% in 30 days.