- The floor prices of Ethereum-based Blue-Chip NFT projects have plummeted significantly from their all-time high.
- Despite the steady fall in value, BAYC and CryptoPunks experienced a drop in sales volume.
Amid a general decline in interest in profile-picture NFTs (PFPs), the floor prices of Ethereum [ETH]-based Blue-Chip NFT projects have declined by an average of 82.8% (or 34.6 ETH) from their all-time highs (ATHs), CoinGecko found in a new report.
Blue chip NFTs are considered to be high-quality and have a high potential for future growth. They are often characterized by their high floor prices, strong community, and potential for future utility.
According to CoinGecko, their value declined due to a steady fall in trading volume. In Q2, the trading volume across all NFT marketplaces declined by 35%.
BAYC and CryptoPunks logged the most losses
Out of the top 11 Blue-Chip NFT projects examined, CoinGecko found that Yuga Labs’ Bored Ape Yacht Club [BAYC] and CryptoPunks recorded the highest absolute losses. CoinGecko noted,
“Compared to their ATH floor prices, BAYC lost the most native currency value (-120.2 ETH), and CryptoPunks lost the most USD value (-$383,244).”
According to data from NFT Price Floor, BAYC’s floor price was 30.49 ETH. The last time an NFT from the BAYC collection traded for this low was in November 2021. As of April 2022, the collection’s floor price had rallied to a high of 128 ETH, from which it has since declined by 77%.
On a year-to-date, BAYC’s floor price plummeted by 57%.
As interest in PFPs waned, BAYC’s trading volume fell. According to data from CryptoSlam, the NFT collection logged a daily trading volume high of $11.47 million on 22 February, which has since trended downwards.
With $618,995 worth sales volume as of 25 July, BAYC’s daily sales have declined by 94% in five months.
Regarding CryptoPunks, its floor price was pegged at 47.69 ETH at press time. According to data from NFT Price Floor, the collection’s value took a beating after exchanging hands for as high as 11,000ETH in the 2021 NFT bull market.
On a year-to-date, the price per CryptoPunk fell by 99%.
Despite the steady fall in price, which should have made it relatively cheaper to acquire, CryptoPunks’ monthly sales volume has decreased since March. In March, the project recorded a sales volume of $30.43 million, but by the end of June, it had significantly decreased to less than $10 million.