Investors are looking for new ways to develop every day. And in this quest, almost all of them are turning to the thriving sector of the moment: cryptography. While digital assets worry some people who do not see their usefulness, they give themselves to it with an open heart. However, we have been observing for a few days the fall of the established NFT collections.
MAYC, BAYC and CryptoPunks the main NFT collections
With the advent of DeFi and Web3, many NFT collections have emerged and have continued to gain notoriety. In recent years, we have been witnessing the expansion of these assets. Even if many people struggle to understand how they work and their interest, the fact remains that others see the opportunities they offer.
However, although NFTs are called useless, their market capitalization proves that several people have adopted them. Thus, we are witnessing the birth and development of so-called first-rate collections. Among them, Mutant Ape Yacht Club (MAYC), CryptoPunks, Bored Ape Yacht Club (BAYC) or again Moonbirds.
These collections, often funny and customizable at will, meet the criteria of each buyer. As a result, each NFT is unique and belongs only to its holder. However, these priorities come at a price. Indeed, the prices for these Ethereum-based collections are rather high. Having a provided wallet is therefore a major condition for acquiring one. But for the past 30 days, we have been witnessing the fall of established NFTs. Why?
The fall of Ethereum NFT collections
The fall of established NFT collections comes at a time when cryptocurrencies are experiencing a turn to the red. While they have been at the top for years, the downtrend seems to be lingering. As a result, the fall in the value of NFTs is causing many investors to wonder.
The most affected collection is undoubtedly Mutant Ape Yacht Club (MAYC) which lost more than 53% of its value during the month. Its floor price currently stands at $30,000. But she’s not the only one. Other collections such as CryptoPunks (- 42%) and BAYC (- 47%) follow the momentum. As well, Bored Ape Yacht Club sees its price drop to about $163,000 and CryptoPunks goes down to $95,000.
Moonbirds is doing quite well since its floor price is about $ 37,000, an increase of more than 25%. Despite this, its market capitalization has fallen considerably, by approximately 52% and is now estimated at $374 million. Nothing new since the capitalizations of the main collections are also falling. $633 million for MAYC, a drop of more than 71%, 62% and 44% for BAYC and CryptoPunks.
Since these NFTs are almost always priced in ETH, the fall in the markets could therefore have a big impact on the price of NFTs. Recall that the price of Ethereum has fallen by about 28% over the past 30 days.
Goblin Town how big is the lion’s share?
While the largest NFT collections are facing a drop in prices, Goblin Town take the opportunity to stand out. Indeed, the collection that comes from nowhere is making its way despite the fall that occurred on May 22. However, its price has doubled several times over the past week.
Thus, its floor price is $5,000 with a market capitalization of $49 million. The collection is therefore ahead of many others such as Murakami and VeeFriends. Although ranked as the 15th most traded NFT collection, Goblin Town remains below the largest collections. Despite the fall in the figures, the top-notch collections remain at the top of the NFT bestseller ranking during the month.
Digital assets have been facing a downtrend for almost a month. While cryptocurrencies have started the week quite well, it seems that things are not looking good yet. With the fall in the price of Ethereum, the first-rate NFT collections are also seeing their numbers drop even if they remain at the top of the best NFT sales over the last 30 days.
Source : Dappradar
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The world is changing and adaptation is the best weapon to survive in this undulating universe. Crypto community manager at the core, I am interested in everything related directly or indirectly to the blockchain and its derivatives. In order to share my experience and make known a field that I am passionate about, there is nothing better than writing informative and casual articles at the same time.