Black_background_logo_BitcoinWorld-removebg-preview
Blockchain News

Blue-Chip NFTs Fell in Value, but this Ape Proved its Mettle in the Final days of 2022

Blue Chip NFTs lost value after closing 2022 at an index of 9,248 ETH, according to NFTGo data.

Blue Chip NFTs are a subcategory of the larger NFT market that are thought to be of high quality and value. Bored Ape Yacht Club [BAYC], Mutant Ape Yacht Club [MAYC], Crypto Punks, and Meebits are a few examples.

The Blue Chip Index, according to NFTGo, is calculated by weighing the market capitalization of Blue Chip NFT collections to determine their performance. Blue Chip Index fell 36% in 2022.

The value of Blue Chip NFTs fell in 2022, mirroring the general market sentiment toward NFTs. This was due to the fact that many people saw digital collectibles as luxury items during a bull market, rather than stable, inflation-proof investment vehicles.

According to NFTGo data, CryptoPunks temporarily led the NFT vertical as the collection with the highest market capitalization in the first half of 2022, accounting for 10% of the total NFT market capitalization. However, by the end of 2022, its value had steadily declined, and BAYC had taken its place.

According to NFTGo, BAYC had a market capitalization of $830 million at the end of 2022. The NFT collection now accounts for 8.12% of the total NFT market capitalization.

However, the value of the digital collection plummeted in 2022. The NFT collection, according to CoinGecko, began in 2022 at a floor price of 60 ETH.

With increased trading volume in Q1, its floor price rose to a high of 153.7 ETH on May 1. However, it has steadily declined since this claiming high, with a BAYC selling for 71 ETH on December 31.

Furthermore, despite closing 2022 as the NFT collection with the highest market capitalization, BAYC’s market capitalization fell 38% during the year.

Furthermore, the daily sales volume peaked at $112 million on April 28 before falling back.

BAYC experienced the greatest drop in sales volume in October 2022, according to CryptoSlam. Only 317 sales transactions totaling $31 million were completed in the 31-day period.

17 BAYC sales transactions have been completed so far this year. In the last 24 hours, sales volume increased by 51% to $1.37 million, putting it just behind Otherdeed, which had $1.87 million in sales volume.

 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.