DappRadar’s top ten NFT collections have fallen on average by 25% since the collapse of the FTX exchange. In the last week, Bored Ape Yacht Club NFT sales have increased by more than 200% due to this drop in value, while MAYC sales have risen by more than 100%. The collapse of FTX exchange and the hack have seen the industry at a turning point for increased user protection. In addition, the decreasing value of ETH has led to people speculating about whether the price of blue-chip NFTs will skyrocket. We’ll look at this and see what it might mean for the industry.
What is a Blue-Chip Floor Price?
A blue-chip price refers to a stable product in a turbulent time. A blue-chip NFT collection refers to NFT collections that demonstrate a high market value over the trajectory of the market. Blue-chip investments are traditionally linked to the stock market, as well as the large names within the market. This includes companies such as Google, Apple, Disney, and Coca-Cola.
Of course, the NFT industry is pretty new in itself. However, there are a few things that will determine an NFT collection to be known as a blue-chip collection. In terms of NFT collections, blue-chipped collections are more stable and valuable. NFT collections are blue-chipped because they’re regarded as the most stable in an industry that is extremely volatile.
NFT collections can also be considered blue-chip if they have a clear use for tokens. Aside from finances, blue-chipped also refers to a passionate NFT community built by a skilled team. These are just a few things that can often contribute to this term, but also the success of an NFT collection.
Recent NFT Sales Surge as Blue-Chip Floor Price Declines
Even NFTs are not immune to the domino effect caused by the collapse of the FTX exchange. Blue-chip NFT collections, however, are now 25 percent cheaper than they were a few weeks ago as the price of ETH falls, causing buyers to rush to the market to grab bargains.
It is predicted that NFTs from the Yuga Labs ecosystem have decreased more than 30% on average, with Otherdeeds land plot floor prices down over 41%. A piece of land that was worth $5,000 six months ago is now worth around $1,000 in the upcoming Yuga-powered metaverse. However, last week’s trading volume for the three Yuga collections exceeded $20 million.
Despite the current turbulent events, NFT admirers remain firm in their views of tokenized assets. As NFT enthusiasts try to get some of the best NFTs at a discount, there has been a huge increase in traders and sales within the last week. This is super exciting, and we can see more interest in NFTs.
The Top NFT Sales
Among the highest-priced NFT sales, Bored Ape Yacht Club #5718 oversaw more than $560,000 and accounted for $1.8 million. The trading history of BAYC #5718 and #2062 NFTs is more interesting, especially considering promising trading, despite a fall in the value of ETH.
It hasn’t been traded too much since its mint a year ago, but BAYC #5718 was the top sale in the last seven days. Despite a significant drop in the price of ETH, the NFT now sold for 350 ETH instead of 150 ETH three months ago.
The trading history for BAYC #2062 shows that the minted NFT was sat on for more than a year before being sold recently for 325 ETH.
Art Blocks Collection is Gaining $3.4 million in NFT Sales
Art Blocks is a platform dedicated to bringing contemporary, high-quality, and generative art to life and to the metaverse. With a community full of dedicated artists, collectors, and an experienced team, Art Blocks is the place to go for crafted, contemporary NFTs with a real focus on art.
NFT admirers and digital art enthusiasts have gravitated toward Art Blocks for months as a unique marketplace in the space. With more than 1.3 billion dollars in trading volume since inception, the NFT marketplace for curated generative art ranks 5th in all-time NFT collection charts.
On the Art Blocks marketplace, artworks from the Fidenza collection ranked third, eighth, and eleventh in terms of NFT value this week. Approximately $320,000 was paid for Fidenza #214, which sold for 200 WETH. The Fidenza #105 sold for 100 Ethereum, or $158,000.
Recent NFT Sales
Taking a look at the current events and NFT sale trends, DappRadar highlights the most lucrative sales, as well as the most interesting. Before we come to the end of this article, let’s take a look at some of the top NFT sales. For reference, this information comes from DappRadar, and its vital research into NFTs.