Blue-Chip NFTs Dive Faster Than BTC Amid Crypto Crash

Blue-Chip NFTs Dive Faster Than BTC Amid Crypto Crash
  • Bored Ape Yacht Club and other blue-chip NFTs sales price went down.
  • The whole crypto market has been in a downtrend movement for weeks.
  • Bitcoin has been down by more than 50% since its ATH early November.

Blue-Chip NFT collections such as Bored Ape Yacht Club (BAYC) are being hit harder than any cryptocurrencies by the massive downtrend of the crypto market all over the sector. 

BAYC, which recently bested the rest of the crypto market, has dropped its average sale price by 29% over the last seven days. According to NFT Price Floor and DappRadar, transaction and user volumes are both down 21% and 27%, respectively.

Michael Buccella, a partner at BlockTower Capital Advisors, said in an interview with Bloomberg that:

“There have been substantial portfolios of NFTs built in the last 6 months. They are just fairly illiquid markets generally. If the market is selling off en masse, they are going to sell whatever they have.”

In general, the NFTs have been affected by the widespread downtrend across its marketplace. The JPG NFT Index, which provides broad exposure to blue-chip and premier NFT collections via a single liquid token, also recorded a 26% downfall this past week.

While the largest cryptocurrency Bitcoin is down by more than 50% since its ATH in early November, the floor price of BAYC hit an all-time high as published by CryptoNewsLand last week.

At the time being, Yuga Labs’ Otherdeeds NFT collection’s average sales price went down 23% in the past 7 days, as per NFT Price Floor. The sales price of NFT collection Moonbirds, which topped the 24-hour trade volume upon its release, also saw a drop of as low as 19% this week.

According to CoinMarketCap, ApeCoin is also down by as low as 36% this week.

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Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.