Blue Chip" NFT Floor Prices Decline, BAYC Down 20% in 7 Days

Source: Blur

NFTs are lagging behind the wider cryptocurrency markets, despite a recent surge in bullish activity from ETH and BTC. The “Blue Chip” NFT floor prices are declining ranging from 10% to $33% in ETH value, according to Blur market data as of 13 March. This article will break down some of the important statistics on the top 5 NFTs based on Blur market data.

Bored Ape Yacht Club (BAYC)

BAYC’s floor price is down around 2% in the last 24 hours and is declining between 18-20% in the last 7 days. It’s recorded 10,260 $ETH in 7 days of trading volume.

The Bored Ape Yacht Club, commonly referred to as Bored Apes or BAYC stands as a distinguished collection of non-fungible tokens (NFTs) crafted on the Ethereum blockchain using the ERC-721 standard. BAYC is renowned for its prominence and value, BAYC ranks among the world's leading and most prestigious NFT projects.

Pudgy Penguins 

Pudgy Penguins' floor price is down around 5% in the last 24 hours and is declining around 15% in the last 7 days. It’s recorded 8,072 $ETH in 7 days of trading volume.

Pudgy Penguins is a unique assembly that features 8,888 distinct NFTs, each launched on the Ethereum blockchain in January 2022, offering a diverse range of collectable digital penguins.

Mutant Ape Yacht Club (MAYC)

MAYC's floor price is up around 7% in the last 24 hours but is declining around 18% in the last 7 days. It’s recorded 5,733 $ETH in 7 days of trading volume.

Debuting in August 2021, the Mutant Ape Yacht Club (MAYC) is a distinctive extension of the widely celebrated Bored Ape Yacht Club (BAYC). This non-fungible token (NFT) collection builds upon the success of the Bored Ape NFTs introduced in April 2021, offering a fresh twist on the original concept with its unique mutant variations.

Azuki

Azuki’s floor price is up around 4.7% in the last 24 hours and is declining 8.14% in the last 7 days. It’s recorded 2,421 $ETH in 7 days of trading volume.

Azuki is a collection of non-fungible tokens (NFTs) crafted by Chiru Labs, represents a collaborative effort of artists and technologists based in Los Angeles. Each Azuki NFT serves as a digital avatar, granting its owner exclusive membership to an online community known as The Garden. The distinctive art style of Azuki has propelled it to immediate acclaim, distinguishing it within the digital art world.

DeGods

DeGods’s floor price is up around 7% in the last 24 hours and is declining almost 33% in the last 7 days. It’s recorded 1,617 $ETH in 7 days of trading volume.

DeGods is a deflationary collection of NFTs built on the Solana blockchain, featuring a curated set of 10,000 unique DeGods. This collection is ingeniously designed to decrease in quantity over time, complemented by the supportive DUST protocol ecosystem, enhancing its exclusivity and value.

The Reason for the Declining NFT Floor Price

The downturn in prominent NFT collections aligns with Ethereum reaching its peak in December 2021 and Bitcoin achieving a new all-time high on March 4. Since mid-October, both assets have seen an approximate 150% increase in value.

This slump in the NFT market indicates a widespread fear of missing out (FOMO) among collectors, leading many to exchange their less liquid NFTs for Ether to capitalize on ETH's recent significant gains.

Not Everything is Down in the NFT Sector

Despite the general downtrend, certain NFT collections have defied the market's bearish sentiment. CryptoPunks, the leading NFT collection by market capitalization, has seen a 15.5% increase in value against the dollar and a modest 2.4% decrease relative to ETH. Meanwhile, Chromie Squiggle has climbed to fifth place, boasting a 27% gain against the USD and a 13% improvement over ETH. Milady Maker has also made significant strides, now ranked seventh, with an impressive surge of 76.4% against the dollar and 50.5% relative to ETH.