Recent data from the past three months indicates a significant drop in value for the popular non-fungible token (NFT) collections, Cryptopunks and Bored Ape Yacht Club (BAYC). On March 17, 2024, the lowest price for Cryptopunks was around 49 ether, but 90 days later, it plummeted to 25.45 ether.
The NFT market has been sluggish this year, particularly affecting the 'blue chip' NFTs on Ethereum like Cryptopunks and BAYC. About three months ago, a single Cryptopunk was valued at roughly 48.99 ether, with one ether at $3,642 on March 17. Presently, ether is priced at $3,475 per unit, and the lowest value for Cryptopunks has fallen to 25.45 ether, based on data from nftpricefloor.com on June 18.
The decline in Ethereum's value has led to a significant decrease in Cryptopunk's floor value, dropping by 48% over 90 days. Similarly, Bored Ape Yacht Club (BAYC) NFTs have also experienced a decline, though not as steep as Cryptopunks. BAYC NFTs lost 33.1% of their value when priced in Ethereum. The floor value for BAYC was 13.29 ether 90 days ago, but it has now fallen to 8.89 ether as of June 18. Other collections like Pudgy Penguins saw a 20.5% decrease, while Milady Maker NFTs saw an increase.
Milady Maker's floor value rose from 2.04 ether three months ago to 4.73 ether currently. Azuki NFTs dropped from 3.64 ether to 3.05 ether. Besides Ethereum-based NFTs, NFTs from other blockchains also experienced declines. For instance, Bitcoin's Nodemonkes fell from 0.7374 BTC to 0.18 BTC, and Bitcoin Puppets decreased from 0.23 BTC to 0.11 BTC. Quantum Cats decreased from 0.339 BTC to 0.26 BTC.
Amid fluctuating values of Bitcoin (BTC) and Ethereum (ETH), the noticeable decline in NFT collections like Cryptopunks and BAYC raises concerns about the long-term appeal and financial sustainability of these 'blue chip' digital assets. While some smaller collections are showing resilience or growth, the overall decline suggests potential market saturation or investor weariness. Whether this NFT decline signifies a correction or a prolonged bearish phase is yet to be determined.
What are your thoughts on the market performance of these NFT assets? Feel free to share your opinions and insights on this topic in the comments section below.