Blue Chip NFT collections lose 50% value as Goblin Town Surge

Established collections lose 50% value as newcomers steal the show Blue chip NFT collections like CryptoPunks, Bored Ape Yacht Club (BAYC), and Doodles have seen almost half of their value disappear in the last thirty days, while free collections like Goblin Town WTF storm the charts. Data on so-called top-tier NFTs shows that key metrics,…


Established collections lose 50% value as newcomers steal the show

Blue chip NFT collections like CryptoPunks, Bored Ape Yacht Club (BAYC), and Doodles have seen almost half of their value disappear in the last thirty days, while free collections like Goblin Town WTF storm the charts. Data on so-called top-tier NFTs shows that key metrics, floor prices and market capitalization have declined over the last month.

As the markets continue to spin, some top-tier NFT collections have seen their minimum prices and market capitalization drop, and some of the more established collections have seen their value halve. Key Ethereum NFT projects like CryptoPunks, BAYC, Mutant Ape Yacht Club (MAYC), and Moonbirds are down roughly 50% in the last 30 days.

One thing to note is that Ethereum NFTs are almost always priced in ETH and the value of Ethereum has dropped over 28% in the last 30 days. That means that unless sellers change their prices to combat the decline in the ETH dollar price, these collections are down nearly 30% organically.

First Order NFT Collections

MAYC has been the hardest hit, with the price floor dropping over 53% to around $30,000 at time of writing. Favorite Bored Ape Yacht Club (BAYC) is down more than 47% to roughly $163,000, and CryptoPunks is down almost 42% to $95,000. The only collection to win last month was Moonbirds, up almost 25% to a minimum price of approximately $37,000 at the time of writing.

Even though the minimum price of Moonbirds has risen, its market capitalization has fallen by 52% to $374 million. The others have also seen significant drops in writing, with the biggest losses associated with the MAYC collection, down over 71% to less than $633 million, while BAYC and CryptoPunks are down 62% and 44%, respectively.

Despite falling numbers, these top-tier collections still dominate the top NFT sales over the past 30 days, with the most expensive being a BAYC NFT sold for 410 ETH on May 5, which on the day of the sale was worth about $1.2 million. it is now worth a little over $800,000.

WTF is Goblin Town

While these blue-chip collections withstand market turbulence and, more importantly, retain value, new collections arrive in bulk and fast for free minting by eager collectors. Of course, there are gas fees to pay, but these are around $50 at the time of writing.

A collection that came out of nowhere, with very little marketing, publicity, or even influencer involvement, is Goblin Town. The collection of 9,999 goblin heads dropped on May 22 and has already broken a low price of almost $5,000, having repeatedly doubled in value over the past week.

Goblin Town is currently the 15th most traded NFT collection in the last 30 days, with an impressive market cap of just over $49 million and a minimum price of $4,910. It sits proudly above Murakami, VeeFriends V2, and many more established collections. Not bad for a collection that was launched telling buyers that “there was no roadmap. No discord. Useless.”

Since launch, the biggest sale was for possibly the rarest Goblin, a unique Goblin by the name of Crustybutt Da Gobblin King, for 69.42 ETH, or about $130,000 on May 5. Looking into the buyer’s wallet reveals a healthy collection of 27 Goblin Town NFTs with a combined value of around $136,000 at the time of writing.

NFTs continue to amaze

The Goblin Town collection shows that while cryptocurrency prices may be down and some investors may be HODLING, there is a huge appetite for NFTs for profit. The nature with which some of these collections catch on is sometimes disconcerting, as projects that spend very little on marketing can quickly capture the imagination of buyers.

The win craze movement is also hitting hard with dapps like STEPN and legacy apps like Lympo adapting to the market as people seek utility from NFT collections. Even though the popular move-to-win NFT game, which accounts for 5% of its Chinese audience, was banned from the app store to comply with Chinese regulations, the STEPN founder has said the move would not have an impact. substantial in the finances of the company. Meanwhile, companies that pioneered the move-to-win idea in the ICO days have begun to resurface and rebuild their teams amid renewed interest in move-to-win dapps.

The foregoing does not constitute investment advice. The information provided here is purely for informational purposes only. Please exercise due diligence and investigate. The writer holds positions in various cryptocurrencies including BTC, ETH, and RADAR.


Source link

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *