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NFT prices continue to fall
Are NFT prices indicative of a sinking ship for the market? The year 2023 has not been kind to some of the biggest NFTs that dominated the market in 2022. Several notable projects have experienced significant declines in their token values, painting a challenging picture for NFT investors.
Data provided by NFTGo reveals that the Blue Chip Index, a measure of the overall performance of top-tier NFTs, has also witnessed a downward trend. It has fallen to 7,446 ETH from the peak of 12,394 ETH recorded in July 2022. Let’s take a closer look at the performance of some prominent NFT projects.
TL;DR:
- The NFT market is seeing significant price falls, raising concerns about the industry’s stability.
- Popular projects such as Doodles and Invisible Friends experience significant drops in token values.
- Despite the decline, some investors remain optimistic, while others choose to hold or sell their holdings.
NFT Price market movements: Going all the way down?
According to current trends, some of the very popular NFT projects are experiencing massive price drops. Does this mark the beginning of a bubble bursting? Or are the founders simply not doing enough? Or is the community at large to blame, with fraud and tomfoolery abounding? Some of the most affected projects are as follows:
- Doodles, once highly sought after, have seen a dramatic drop in value. Previously valued at 23 ETH, the token now sits at just 2.3 ETH – a significant drop that highlights the volatility of the NFT market.
- Invisible Friends, another notable project, has also seen a significant decline. With its token previously valued at 8 ETH, it has now plunged to 1.15 ETH, leaving investors struggling with losses.
- Moonbirds, which once held a hefty 32 ETH, have seen their value drop to a measly 2 ETH. This significant decline has undoubtedly left investors disappointed and worried about the future of the project.
- Goblintown, previously valued at 6 ETH, now stands at just 0.26 ETH. This is a staggering decline that rattles the NFT community.
However, the decline does not stop there. NFT giants Bored Ape Yacht Club (BAYC), have also experienced a significant drop in floor price. Once with a floor price of US$550,000, it has now dipped below US$100,000 – a drastic drop that has caught the attention of many market participants.
But don’t worry, it so happens that despite the price drop, unique NFT holders are steadily rising from the past three months.
Silver linings in the downturn
Despite these troubling numbers, some NFT investors remain surprisingly unaffected by the ongoing decline in value. In fact, a handful of investors see this as an opportune time to invest, believing in a potential market recovery.
Contrary to this optimistic view, there has also been a notable increase in the number of blue chip NFT holders over the past year, indicating a sustained interest in these projects. However, sellers have also increased by 32%, while the number of buyers has decreased by 30%. These statistics suggest a cautious sentiment among market participants, as some choose to hold on to their assets, while others choose to cash out.
As the NFT market continues to navigate these turbulent times, it remains to be seen whether these projects will regain their former glory or whether the downward trend will continue. Investors and enthusiasts alike are keeping a watchful eye on the market, eagerly awaiting signs of a potential comeback or further weakening of NFT prices.
