Blue-Chip NFTs Worth the Tag? A case study from BAYC, CryptoPunks
Up 2% over the past seven days, the Blue Chip Index revealed some growth in the performance of Blue Chip NFTs over the past week.
In accordance NFTGothe Blue Chip Index is calculated by weighting the market capitalization of Blue Chip NFT pools to determine their performance.
So let’s take a closer look at the performance of the top two Blue Chip NFT pools – Bored Ape Yacht Club (BAYC) and CryptoPunks – over the aforementioned period.
BAYC is king?
A few weeks ago, the persistent decline in the general cryptocurrency market forced the Ethereum floor price on the BAYC NFT collection to fall to 65 ETH.
According to data from NFT Floor price, this represented the lowest level the NFT project reached since the beginning of the year. Valued at 72.5 ETH at press time, BAYC’s floor price has increased by 7% over the past seven days.
Despite Ethereum (ETH) losing 7% of its value during the aforementioned period, BAYC saw an increase in sales volume. According to data from NFTGoBAYC sales totaled $13.54 million and therefore grew by 11.58% over the 7-day period.
Despite the growth in sales volume for the Blue Chip NFT collection, the market capitalization failed to register any growth. Instead, it fell by 0.45%.
Furthermore, 101 sell transactions involving BAYC NFTs were completed during the 7-day period. This represented an increase of 7.45% in the collection’s sales during this period.
Apart from sales, the number of transactions to send or receive NFTs from the pool also increased by 36%. In addition, BAYC’s liquidity rate, which measures the relative liquidity of the NFT pool, also increased by 7%.
You just got punked!
Within the period under review, CryptoPunk’s NFTs collection fared differently. While the floor price has grown by just 1% over the past seven days, it has fallen consistently by 3.52% over the past two weeks.
With only $2.73 billion recorded in sales in the past week, CryptoPunks sales volume dropped by 35%. Like BAYC, market capitalization also fell by 2% on the charts.
In addition, the collection’s sales fell by 18% during the period. With only 102 sent and received transactions completed within the 7-day period, a 27% decrease was recorded in this regard.
With a figure of 0.26% recorded as liquidity in the last seven days, the collection’s liquidity rate fell by 19%.
So far this year, the floor price of CryptoPunk’s NFTs has fallen by about 20%, data from NFT Price Floor revealed.
Nevertheless, it continues to lead the pack by having a share of 9.59% of the entire NFT market.