These Ethereum NFTs did not plunge and it is not BAYC or MAYC
- The Autoglyphs and Azuki collections showed strength despite the broader market decline.
- The number of addresses buying NFTs fell to June 2021 levels.
It’s been a terrible last 30 days for the blue-chip Ethereum [ETH] NFTs in the market with a handful of them experiencing significant declines in value. Of the top 10 collections by market value, however, only two were able to escape the nose-diving state.
Realistic or not, here it is ETH’s market value in BTC terms
Not a Yuga Labs season
According to IntoTheBlock, these were not “escapes”. Bored Ape Yacht Club [BAYC] or Mutant Ape Yacht Club [MAYC].
Instead, Autoglyphs, the first on-chain generative art on the blockchain, and Azuki were the ones able to salvage what was left of a widespread falling floor price.
Over the past 30 days, only two of the top 10 NFT collections have increased in value, with only one of them increasing in $ETH terms in 2023.#NFTs pic.twitter.com/JDRbvPGVCJ
— IntoTheBlock (@intotheblock) 12 May 2023
The data from the blockchain insights platform showed that every second collection had to deal with a double-digit price drop. And for BAYC, not much has happened since the floor price went down under 50 ETH brand.
This suggested that interest in buying and selling these non-fungible tokens has waned.
However, the increase of 4.70% and 1.44% in the value of the said assets was not able to take them to the top of the position in terms of volume despite growth.
Despite the decline in value of both MAYC and BAYC, they maintained their first and second positions respectively in terms of volume.
The volume describes the total number of successfully completed transactions in a collection via the Ethereum network.
Therefore, the 593,900 and 553,000 ETH recorded by both Yuga Labs-created pools means that traders necessarily sold their holdings in the assets.
Extinction on the edge
After the price drop, sales volume on the Ethereum blockchain fell incredibly. According to CryptoSlam, the calculation has decreased by 19.89% in the last seven days. This left the volume at $450.11 million.
Source: CryptoSlam
In addition, the number of buyers has also shrunk – a decrease of 59.28% in the same period. This also negatively affected the total transactions and wash volume.
Earlier, IntoTheBlock reported that Ethereum was not the only blockchain affected by the waning interest. But despite a quick resurgence in February, addresses buying NFTs fell to their lowest since 2021.
📉#NFT Market Update: Interest appears to be waning as the number of new addresses buying NFTs reaches its lowest point since June 2021. Despite a brief increase in Feb ’23, the total number of NFT holders remains stable at around 7.5 million . Are we going to see a recovery? 🤔 pic.twitter.com/u1kD6pabfv
— IntoTheBlock (@intotheblock) 12 May 2023
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In addition, the broader Ethereum ecosystem, liquidity and infrastructure contributed to the resilience of these NFTs prior to the recent dumping. However, collectors and investors may not be wary of trading these assets for quick profits.
However, as the NFT market continues to mature, it will be interesting to see how these lesser-known projects fare and whether they can continue to defy market trends.
