Investors are looking for new ways to grow every day. And in this quest, almost all of them are turning to today’s booming industry: cryptography. While digital assets worry some people who don’t see their usefulness, they give it their all. In recent days, however, the established NFT collections have collapsed.
MAYC, BAYC and CryptoPunks the main NFT collections
With the advent of DeFi and Web3, many NFT collections have emerged that have steadily gained prominence. In recent years we have witnessed the expansion of these assets. Even though many people struggle to understand their function and interests, the fact remains that others see the opportunities they offer.
Although NFTs are labeled as useless, their market cap proves that many people have embraced them. In this way we witness the birth and development of so-called first-class collections. Amongst them, Mutant Ape Yacht Club (MAJC), CryptoPunks† Bored Ape Yacht Club (BAYC) or moonbirds†
These collections, often funny and customizable at will, meet the criteria of any buyer. Each NFT is therefore unique and belongs only to its holder. However, these priorities come at a price. The prices of these Ethereum-based collections are indeed quite high. Having a wallet is therefore an important condition to purchase one. But over the past 30 days we have witnessed the demise of established NFTs. Why ?
The Fall of Ethereum NFT Collections
The decline in established NFT collections comes at a time when cryptocurrencies are in a red line. While they have been at the top for years, the downward trend seems to be continuing. As a result, many investors wonder what the depreciation of NFTs is.
The most affected collection is undoubtedly Mutant Ape Yacht Club (MAYC), which lost more than 53% of its value over the month. The bottom price is currently at $30,000. But she’s not the only one. Other collections like CryptoPunks (-42%) and BAYC (-47%) are following the momentum. Thereby, Bored Ape Yacht Club sees its price drop to about $163,000 and CryptoPunks drops to $95,000.
moonbirds is doing quite well as the bottom price is around $37,000, up more than 25%. Despite this, the market cap has fallen significantly, by about 52% and is now valued at $374 million. Nothing new as the capitals of the main collections have also dropped. $633 million for MAYC, down more than 71%, 62% and 44% for BAYC and CryptoPunks†
Since these NFTs are almost always priced in ETH, the decline in the markets could have a major impact on the price of NFTs. Recall that the price of Ethereum has fallen by about 28% in the past 30 days.
Goblin City takes the lion’s share?
As the largest NFT collections face falling prices, Goblin City use it to stand out. Indeed, the collection that comes out of nowhere finds its way despite the fall that happened on May 22. However, the price has doubled several times in the past week.
So the bottom price is $5,000 with a market cap of $49 million. The collection is therefore ahead of many others such as Murakami and VeeFriends† Although ranked as the 15th most traded NFT collection, Goblin City remains among the largest collections. Despite the sharp decline in numbers, the premium collections still topped the NFT bestseller lists this month.
Digital assets have been on a downward trend for almost a month now. While cryptocurrencies have started the week pretty well, things don’t seem to be looking good yet. With Ethereum’s price drop, premium NFT collections are also seeing their numbers drop, though they remain at the top of NFT best sellers for the past 30 days.
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Passionate about cryptos and the blockchain, I would like to introduce this universe to those who don’t know it yet, and encourage them to adopt it like me.