Plummeting Floor Prices Sees ‘Blue Chip’ NFTs Suffer

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  • Popular NFTs continue to record losses which are affecting their floor prices
  • Analytics platform Nansen reported a 25% decline in floor prices of ‘blue chip’ collection in the last 30 days
  • The decline in floor price exceeds that of major cryptos like ETH

The status of ‘blue chip’ NFT collections continues to dwindle causing the collections to register lower floor prices. According to blockchain analytics platform Nansen, the lowest price collectors want to pay for top NFTs has decreased by around 25% in the last 30 days. The drop exceeds that of ETH which has lost less than 10% within the same period, with the decrease coming when NFT projects are changing strategies to attract more collectors.

Bored Apes, Azuki and DeGods Down by Over 25%

Data shared by Nansen show that popular collections like Bored Apes, Azuki and DeGods have seen a 27%, 36 and 55% decline in their floor prices respectively in a month.

The drop in Azuki and DeGods’ floor prices can, in part, be attributed to their recent clash with collectors. Azuki, for example, was accused of presenting a duplicate copy of its original collection as a new collection dubbed Azuki Elementals. Although the project’s team acknowledged the mistake, some collectors moved to repossess the funds raised from Elemental’s sale.

DeGods collectors, on the other hand, weren’t happy with the project’s decision to allow NFT staking and to make DeGods Season 3 NFTs serious instead of fun. Other collections whose 30-day floor prices have decreased significantly include Mutant Apes, Bored Ape Kernel Club, CloneX and Moonbirds.

It’s Not All Doom in the NFT Market

The drop in NFT floor prices failed to coincide with the drop in prices of ETH, which powers most of the top collections. ETH, for example, has shed less than 10% within the same period.

The losses, however, don’t portray the situation across the NFT market as other collections like Miladays have seen their floor prices rise by over 60%, although most collections’ floor prices are down double digits. 

With the prolonged bear market still haunting the NFT and crypto world, the floor prices are likely to continue dropping.