Blue-Chip NFTs Dropped in Value, But This Monkey Proved His Ability in the Last Days of 2022

• The Blue Chip Index declined consistently in 2022
• BAYC displaced CryptoPunks to end the year as the NFT collection with the largest market capitalization

Ending 2022 with an index of 9,248 ETH, Blue Chip NFTs experienced a drop in value, data from NFTGo revealed.

Blue Chip NFTs are a subcategory of the broader NFT market that are considered to be of high quality and value. Examples include the Bored Ape Yacht Club [BAYC]Mutant Ape Yacht Club [MAYC]Crypto Punks and Meebits.

According to NFTGo, the Blue Chip Index is calculated by weighting the market capitalization of Blue Chip NFT pools to determine their performance. In 2022, the Blue Chip Index fell by 36%.

The decline in the value of Blue Chip NFTs in 2022 mirrored the general market sentiment towards NFTs. This was because many viewed these digital collectibles as luxury items during a bull market rather than stable and inflation-proof investment vehicles.

Source: NFTGo

BAYC finished the year as leader

According to data from NFTGo, in the first half of 2022, CryptoPunks temporarily led the NFT vertical as the collection with the highest market capitalization, as it held a 10% share of the entire NFT market capitalization. Towards the end of 2022, however, its value steadily declined, and BAYC replaced it.

According to NFTGo, BAYC ended 2022 with a market capitalization of $830 million. The NFT collection received a share of 8.12% of the total NFT market value.

Source: NFTGo

However, the digital collection had a sharp fall in value in 2022. In accordance CoinGeckostarted the NFT collection in 2022 at a floor price of 60 ETH.

After seeing increased trading volume in Q1, the floor price rose to a peak of 153.7 ETH on May 1st. However, it fell steadily since this claimed high, and a BAYC sold for 71 ETH on December 31st.

Source: CoinGecko

Furthermore, although BAYC ended 2022 as the NFT pool with the largest market cap, its market cap fell 38% over the course of the year.

Furthermore, daily sales volume peaked at $112 million on April 28 before beginning a southward move.

Source: NFTGo

According to CryptoSlam, BAYC suffered the most in sales volume in October 2022. During the 31-day period, only 317 sales transactions totaling $31 million were completed.

Source: CryptoSlam

So far this year, 17 BAYC sales transactions have been completed. Sales volume increased by 51% in the last 24 hours and the same amounted to $1.37 million, placing it close behind Otherdeed with a sales volume of $1.87 million.