Despite a severe decline in the non-fungible token (NFT) market, owners of CryptoPunks, Otherdeed, and Meebits are demonstrating unwavering resolve by holding on to their valuable assets. Recent data released on August 23rd depicts an astonishing picture: 75% of big NFT collections have yet to see any trading activity. Even more astounding is the news that 91% of all CryptoPunks have stayed unaffected by the volatile market for the past eight months.
Meebits and Otherdeed NFTs are holding their ground in the face of falling crypto asset prices and a broader contraction in the NFT industry. Surprisingly, 89% and 84% of Meebits and Otherdeed NFTs, respectively, have refused to change hands, defying the odds.
Consider the glorious days of late 2021, when Bitcoin values reached historic highs. Between late 2021 and early 2022, the floor prices of premier NFT collections reached dizzying heights. Consider CryptoPunk #8857, a digital masterpiece that got a whopping 2,000 ETH, which translates to a whopping $6.63 million as of September 2021.
February 2022 will be remembered as a watershed point in NFT history. During this time, CryptoPunk #5822 commanded an astounding 8,000 ETH, equivalent to a whopping $23 million. Meanwhile, Beeple’s renowned Everydays: The First 5000 Days was proclaimed the reigning queen of NFTs, collecting a magnificent price of $69.3 million. Vignesh Sundaresan, the visionary behind BitAccess, was the buyer of this digital miracle.
While blue-chip NFTs continue to command high valuations, trading volumes have remained low. The drop in Bitcoin and Ethereum prices from historical highs has placed a pall over trading activity. Despite a staggering reduction in trade volumes of over 90%, the guardians of CryptoPunks, an esteemed NFT collection, remain steadfast in conserving their special treasures until 2023.
Enter Dune, a shining light in the field of blockchain analysis. Their data shows a surge in the number of unique Ethereum NFT transactions, which peaked at 1.3 million in July 2022 before plummeting to around 180,000 in late July 2023.
As the chapters of NFT history unroll, the number of unique weekly transfers for top collections such as Punks and Bored Ape Yacht Club (BAYC) has dwindled in comparison to the quantities recorded in early 2022. An incredible 90% drop in these transfers, as revealed by on-chain statistics, attests to the changing scenario.
The sharp drop in transfers reflects a broader trend of declining trading interest. Data from statistics offers a vivid picture: On July 31, there were just 115 buyers and 88 sellers in the arena, in stark contrast to August 8, 2022, when there were 98,345 buyers and 112,037 sellers. Despite these shifting sands, holders of prestigious blue-chip NFTs remain steadfastly loyal, firmly defending their digital rare fortresses.
Though the rationale for this staunch commitment is unknown, one point is certain: holders of Punks, BAYC, and Mutant Ape Yacht Club (MAYC) treasures hold the key to accessing NFT-backed loans through platforms such as Blur and Binance. In an uncertain market, these NFT pioneers hold firm, their collections functioning as digital monuments to their unwavering faith in the ever-changing realm of blockchain creativity.
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