Based on statistics from the past three months, the non-fungible token (NFT) collections Cryptopunks and Bored Ape Yacht Club (BAYC) have seen a notable decrease in value. On March 17, 2024, the floor value of Cryptopunks was approximately 49 ether, but 90 days later, it dropped to 25.45 ether.
Major Declines in Cryptopunks, BAYC, and Other Collections
NFT sales have been sluggish this year, and the previously esteemed ‘blue chip’ NFTs on Ethereum, specifically Cryptopunks and BAYC, have experienced a substantial decline in value over the last three months. Around 90 days ago, the floor value of a single Cryptopunk was approximately 48.99 ether, and on March 17, one ether was valued at $3,642. Currently, ether is priced at $3,475 per unit, and the Cryptopunk collection’s floor value has fallen to 25.45 ether, according to June 18 statistics collected from nftpricefloor.com.
The decline in ethereum’s value was accompanied by a significant drop in Cryptopunk’s ETH floor value, which decreased by 48% in 90 days. Similarly, Bored Ape Yacht Club (BAYC) NFTs experienced a downturn, although their losses were less severe than those of Cryptopunks. BAYC NFTs lost 33.1% of their value when priced in the second-largest cryptocurrency by market cap. The floor value of the BAYC collection was 13.29 ether 90 days ago, but as of June 18, it has dropped to 8.89 ether. The Pudgy Penguins NFT collection saw a 20.5% decline over the same period, while Milady Maker NFTs experienced an increase.
Three months ago, Milady Maker’s floor value was 2.04 ether, and today it has risen to 4.73 ether. Azuki NFTs decreased from 3.64 ether to the current 3.05 ether. While ether-based NFTs saw declines, digital collectibles from other blockchains also experienced drops over the past three months. Bitcoin’s Nodemonkes, for example, fell from 0.7374 BTC to 0.18 BTC, and Bitcoin Puppets decreased from 0.23 BTC to the current 0.11 BTC. Quantum Cats dropped from 0.339 BTC to the current floor of 0.26 BTC.
Amid fluctuating bitcoin (BTC) and ethereum (ETH) values, the evident downturn in NFT collections like Cryptopunks and BAYC raises questions about the sustained appeal and financial viability of these ‘blue chip’ digital assets. While some smaller collections show resilience or growth, the broad decline hints at potential market saturation or investor fatigue. As trends ebb, discerning whether this NFT dip marks a correction or a more enduring bearish phase remains speculative.
Source:- Bitcoin.comNews
