HomeNFTAnalysis of the Non-Fungible token market: sharp price decline for blue chip...

Analysis of the Non-Fungible token market: sharp price decline for blue chip NFT collections

According to data from on-chain analysis platform Nansen, the NFT market, including blue chip collections, have experienced heavy price declines over the past 30 days.

In most cases, the floor price of these non-fungible tokens has declined by more than 25%.

Solana’s blue chips are also following a heavily negative trend.

Ordinals on Bitcoin’s blockchain were no exception scoring one of the lowest trading volumes since their inception.

See all the details below.

Price drop of more than 25% for many blue chip NFT collections

The bear market in cryptocurrencies has also significantly affected the world of NFTs, not to mention blue chip collections that have experienced particularly negative price declines over the past 30 days.

Most NFT projects with the most trading volumes on the Ethereum blockchain have totaled a floor price depreciation of more than 25%.

In detail, the collections with the most negative performance are those of Azuki Elementals and DeGods, which recorded -48% and -55% on their purchase price, respectively.

Despite the poor performance Degods still increased the number of sales in the last month by 30.25% to 42,163 ETH in trading volume.

On the other hand, Azuki Elementals saw a 73.83% drop in sales over the past 30 days with a trading volume of 2,625 ETH, confirming the decline in investor interest.

Famous blue chip collections such as Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, The Captainz, Opepen Editions, CloneX, and Moonbirds do not skip the call of the NFT sector’s price slaughter with declines ranging from -20% to -39%.

The famous Crypto Punks, on the other hand, have held their own better, registering only -4.26% in the last month of trading.

Surprisingly, the Milady collection went against trend compared to the other non-fungible tokens recording an incredible +66% floor price and increasing the number of sales by 84% with a volume of 7,828 ETH.

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The blue chip NFT market on Solana: falling prices since mid-August

Even on the Solana blockchain, the blue chip NFT market has been performing poorly as a whole with declines in both trading volumes and the price of major collections.

In total, sales on layer-1 for the past 30 days amounted to $34.8 million, a figure 52% lower than the previous month.

Mad Lads, The Heist, SolCasino.io, Famous Fox Federation and Claynosaurz, Solana Monkey Business, SMB Gen3, and AssetDash Vanta lead the blue chip list with larger declines in sales.

Only the Okay Bear collection stood out for increased hype on the non-fungible tokens market selling volume increase of 3.65%.

Unfortunately, the overall situation is not the brightest, with investors preferring to shift to less speculative asset classes throughout the summer of 2023.

According to data from the “Solana NFT Floor Index,” which weighs a whole range of different data from each other such as prices, volumes, transactions, and social trends, blue chips have seen decidedly low activity during the past 30 days with only one increase in the metric on 9 August.

From 10 August until 21 August, the blue chip index saw a sharp drop in numbers from 91.6 SOL to 78 SOL and then stabilized in the last few days.

Calculating the index in dollars, the descent was more violent and completely wiped out the strong pump of 9 August.

On Solana, market volumes remain significantly lower than those marked on the Ethereum blockchain, where activity is configured 8 times more prosperous according to CryptoSlam data

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Sharp drop in volumes for Ordinals on Bitcoin

While not a true NFT collection, the case of Ordinals digital artifacts belonging to Bitcoin’s blockchain also resumed the trend of blue chips on Solana and Ethereum.

Ordinals market volumes have declined by about 90% in the past 30 days going to a total value of $3.9 million in trades.

Analyzing DomoData’s dashboard on Dune Analytics, inventor of the BRC-20 protocol, the recent volumes marked on major marketplaces such as Unisat, Magic Eden, and Okx have hit record lows not seen since before the May 2023 uptrend broke out.

Just think that on Unisat on 7 May 2023 volumes were 2.5 times higher than in the last 30 days-this is a very sharp drop in interest just 3 months later.

It seems that the Ordinals fad has ended its heyday and is flattening out towards lower and lower prices and less and less frequent transactions: a bit what happened with the general NFT market during 2022, which after a glorious 2021 of wild speculation has returned to pre-bubble values.

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Because of this reduction, Bitcoin miners no longer saw transaction fees as high as they did in May 2023, where fees accounted for about 10% of the total revenue for mining a block.

However, while miners regret the pre-summer period, users of the decentralized network can rejoice by seeing a much better user experience with a less clogged mempool and lower fees.

Alessandro Adami
Alessandro Adami
Graduated in "Information, Media and Advertising", for over 4 years interested in the cryptocurrency and blockchain space. Co-Founder of Tokenparty, community active in spreading crypto-enthusiasm. Co-founder of Legal Hackers Civitanova marche. Information technology consultant. Ethereum Fan Boy and supporter of Chainlink oracles, strongly believes that smart contracts will be central in the development of society.
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