The trading volume of NFTs in Q2 2023 fell by 35% this coupled with the fact that the floor prices of blue chips NFT collections have significantly crashed from their all-time highs(ATHs) further dampens the state of NFTs in this very first NFT market winter.

This was revealed in a recent report on blue chip NFTs shared by Coingecko dated 19th July 2023. 

The study examined blue-chip NFTs’ daily floor prices at their all-time highs(ATH) and their floor prices as of July 19, 2023, in both ETH and USD.

Let’s highlight some of the key findings.

Blue Chip NFTs Are Plummeting 

As of July 19, 2023, the floor prices of blue chip NFTs have crashed by an average of 82.8%(34.6 ETH) from their ATHs which is a crash of 87.3% ($122,188) in USD terms. 

11 blue chip NFTs were examined in the report and the criteria for selection include floor price, market capitalization, trading volume and reputation or name recognition.

Across all 11 blue chip collections the floor price crash ranges from -45.9% to -95.7% for ETH floor prices, and -38.9% to -97.3% for USD floor prices. 

Breaking this down further, Moonbirds plummeted the most from ATH in both Ether and USD terms with a floor price crash of 95.7% in ETH and 97.3% in USD respectively.  

Meanwhile, the blue-chip collection that crashed the least is Pudgy Penguins, with its floor price dropping by 45.9% (3.3 ETH) or 38.9% ($4,645) from ATH.

In absolute terms, Bored Ape Yacht Club (BAYC) lost the most native currency value compared to their ATH floor price crashing by -120.2 ETH. 

While Cryptopunks lost the most in USD terms recording a -$383,244 crash from their all-time high. 

NFT CollectionAll-Time High Price in ETHAll-Time High Price in USDDrop From ATH in ETHDrop From ATH in USD
CryptoPunks125.00 ETH$477,924-60.1%-80.2%
Bored Ape Yacht Club (BAYC)153.70 ETH$420,430-78.2%-84.9%
Mutant Ape Yacht Club (MAYC)40.00 ETH$116,666-84.6%-90.0%
Azuki31.80 ETH$109,464-82.7%-90.5%
Pudgy Penguins7.10 ETH$11,933-45.9%-38.9%
VeeFriends19.97 ETH$71,072-90.5%-94.9%
Clone X19.50 ETH$68,630-91.3%-95.3%
Moonbirds38.50 ETH$114,900-95.7%-97.3%
Doodles23.95 ETH$68,507-93.2%-95.5%
Cool Cats15.10 ETH$49,298-94.5%-96.8%
World of Women13.37 ETH$38,903-94.6%-96.5%

Best Performing Blue-Chip NFTs 

The top 5 Blue-chip NFT collections that plummeted the least are;

  • CryptoPunks
  • BAYC
  • Mutant Ape Yacht Club (MAYC)
  • Azuki 
  • Pudgy Penguins 

They saw their ETH floor prices drop by 45.9% to 84.6% from their ATHs and they currently have the highest floor price among the 11 blue chip NFTs examined in the report. 

Meanwhile, the rest of the blue-chip NFTs (6) namely;

  • VeeFriends 
  • Clone X
  • Moonbirds
  • Doodles
  • Cool Cats 
  •  World of Women

saw their Eth floor price drop by 90.5% to 95.7% from their all-time high.

The Bottomline   

The report suggests that investing in blue-chip collections might not be too late as the crash in floor prices has brought the collections to prices that are better aligned with the value they offer to holders. 

Pointing out that blue chips with stronger fundamentals will now be more easily identified and are likely to emerge stronger from the NFT crash, while weaker NFT collections may lose their blue chip status. 

In summary, the NFT crash does not mean it is too late to buy into blue chip NFT collections, and may instead create a window of opportunity for new investors. 

However, the 11 blue-chip projects examined in this report were all PFP collections prompting a warning to investors that they might be too late to the PFP blue-chip narrative which was the most popular in the first NFT bull run. 

Concluding that the next NFT bull run might be led by a different NFT narrative as such investors can potentially be early to new blue-chip NFT collections.

Also Read:  Look out For NFTs, Asset Tokenization in second half of 2023, says KPMG Fintech Report 

[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]

Featured Image Credit: Chain Debrief 

Author: Godwin Okhaifo