Blue-Chip NFTs worth the label? A BAYC, CryptoPunks case study
Up by 2% during the last seven days, the Blue Chip Index revealed some development within the efficiency of Blue Chip NFTs over the previous week.
In keeping with NFTGo, the Blue Chip Index is calculated by weighing the market capitalization of Blue Chip NFT collections to find out their efficiency.
So, let’s take a better take a look at the efficiency of the highest two Blue Chip NFT collections – Bored Ape Yacht Membership (BAYC) and CryptoPunks – over the aforementioned interval.
BAYC is king?
A couple of weeks in the past, the sustained downturn within the normal cryptocurrency market pressured the Ethereum flooring value of the BAYC NFT assortment to drop to 65 ETH.
In keeping with information from NFT Floor Price, this represented the bottom degree the NFT venture touched because the starting of the 12 months. With a price of 72.5 ETH at press time, BAYC’s flooring value appreciated by 7% during the last seven days.
Supply: NFT Value Flooring
Even though Ethereum (ETH) shed 7% of its worth over the aforementioned interval, BAYC noticed an uptick in its gross sales quantity. In keeping with information from NFTGo, BAYC gross sales totalled $13.54 million, due to this fact, rising by 11.58% inside the 7-day interval.
Nonetheless, regardless of the expansion in gross sales quantity for the Blue Chip NFT assortment, its market capitalization did not log any development. As an alternative, it declined by 0.45%.
Supply: NFTGo
Moreover, 101 gross sales transactions involving BAYC NFTs have been accomplished inside the 7-day interval. This represented a 7.45% rally within the assortment’s gross sales rely inside that interval.
Other than gross sales, the variety of transactions to ship or obtain NFTs from the gathering additionally went up by 36%. Moreover, BAYC’s liquidity price, which measures the relative liquidity of the NFTs assortment, hiked by 7% too.
Supply: NFTGo
You simply obtained punked!
Inside the interval beneath assessment, the CryptoPunks NFTs assortment fared in a different way. Whereas its flooring value grew by simply 1% within the final seven days, it has fallen persistently by 3.52% over the previous two weeks.
Supply: NFT Value Flooring
With solely $2.73 billion registered in gross sales during the last week, gross sales quantity for CryptoPunks plummeted by 35%. Like BAYC, its market capitalization additionally fell by 2% on the charts.
Supply: NFTGo
As well as, the gathering’s gross sales rely fell by 18% inside the interval beneath assessment. With solely 102 despatched and acquired transactions accomplished inside the 7-day interval, a 27% decline was logged on this regard.
With a determine of 0.26% recorded as liquidity during the last seven days, the gathering’s liquidity price dropped by 19%.
Supply: NFTGo
Up to now this 12 months, the ground value for CryptoPunks NFTs has dropped by about 20%, information from NFT Price Floor revealed.
Even so, it continues to guide your complete pack by holding a 9.59% share of your complete NFT market.
Supply: NFTGo
