Blue-Chip NFT Collections Witness Over 80% Decline from ATH Prices: CoinGecko
The NFT market has been a hotbed of activity and speculation, with collectors and investors alike seeking to acquire unique digital assets. However, a recent report from CoinGecko has revealed a significant downturn in the value of famous NFT collections, with prices plummeting by as much as 100% from their record highs.
CoinGecko’s statistics compared the all-time high (ATH) prices of 11 blue-chip NFT collections, which are known for their high value and large supportive communities, with their current prices as of July 19th. The data was presented in two units: Ethereum (ETH) and USD, with USD values measured based on the ETH value at the time of the research, using price data from popular NFT marketplaces including OpenSea, LooksRare, and CryptoPunks.
The findings indicated that the blue-chip NFT collections have experienced a wide range of fluctuations. When measured in ETH, the price drop ranged from -45.9% to -95.7%, while in USD, the decline varied from -38.9% to -97.3%. This translated to a significant loss in value, ranging from 3.3 ETH to a staggering 120.2 ETH, or from 4,645 USD to a jaw-dropping 383,244 USD per collection.
Among the 11 blue-chip NFT collections listed in the report, Moonbirds suffered the most considerable price drop, recording -95.7% in ETH and -97.3% in USD compared to their ATH.
On the other hand, the Bored Ape Yacht Club (BAYC) and CryptoPunks experienced the highest value losses. BAYC lost a staggering 120.2 ETH from its ATH, while CryptoPunks’ value dropped by a significant 383,244 USD. Despite these losses, both BAYC and CryptoPunks remain among the most expensive and sought-after NFT collections in the market.
In contrast, Pudgy Penguins weathered the storm with the mildest price drop of -45.9% (3.3 ETH) and -38.9% (4,645 USD) compared to their ATH.
The sharp decline in NFT values has left many collectors and investors concerned about the sustainability of the market. Some attribute the slump to speculative bubbles bursting, while others speculate that the saturation of the NFT space might be contributing to the overall decline in prices.
It’s worth noting that the NFT market is known for its volatility, and these price fluctuations are not entirely surprising. However, they do serve as a cautionary reminder that potential investors and collectors should approach the NFT market with careful consideration and a long-term perspective.
Read more:
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