Ethereum

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 progress within the efficiency of Blue Chip NFTs over the previous week.

Based on 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 have 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 number of weeks in the past, the sustained downturn within the common cryptocurrency market pressured the Ethereum ground worth of the BAYC NFT assortment to drop to 65 ETH.

Based on knowledge 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 ground worth appreciated by 7% during the last seven days. 

Supply: NFT Value Ground

Even though Ethereum (ETH) shed 7% of its worth over the aforementioned interval, BAYC noticed an uptick in its gross sales quantity. Based on knowledge 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 progress. As a substitute, 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.

Aside from gross sales, the variety of transactions to ship or obtain NFTs from the gathering additionally went up by 36%. Moreover, BAYC’s liquidity charge, which measures the relative liquidity of the NFTs assortment, hiked by 7% too.

Supply: NFTGo

You simply bought punked!

Inside the interval below assessment, the CryptoPunks NFTs assortment fared otherwise. Whereas its ground worth grew by simply 1% within the final seven days, it has fallen constantly by 3.52% over the previous two weeks.

Supply: NFT Value Ground

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 below 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 charge dropped by 19%.

Supply: NFTGo

To this point this 12 months, the ground worth for CryptoPunks NFTs has dropped by about 20%, knowledge from NFT  Price Floor revealed.

Even so, it continues to guide the whole pack by holding a 9.59% share of the whole NFT market.

Supply: NFTGo

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