- The Blue-Chip Index fell by over 35% in the past three months.
- While BAYC saw a decline in floor price, the value of the Milady Maker collection has more than tripled.
The value of Blue-Chip NFTs has continued to decline in recent weeks amid a general slowdown in the profile-picture NFT (PFP) market.
Blue-Chip NFTs are considered to be high-quality and have a high potential for future growth. They are often characterized by their high floor price, strong community, and potential for future utility. It includes NFT projects such as CryptoPunks, Bored Ape Yacht Club [BAYC], CryptoKitties, Milady, and more.
A major indicator of this decline is the Blue-Chip Index. According to NFTGo, this metric tracks the performance of the NFTs that make up this category and is calculated by weighing their market capitalization to determine their performance.
Peaking at 8421 ETH on 5 June, the Blue-Chip Index has since trended downwards. At 5208 ETH as of this writing, it has fallen by 38% in the last 90 days.
Degens have increasingly shunned the Bored Apes
The year so far has been marked by a steady decline in the value of NFTs that make up the BAYC collection. At press time, BAYC’s floor price was 25.6 ETH. The last time an NFT from the BAYC collection traded for this low was in August 2021.
Bored Ape floor below 30 ETH now
Quite wild to watch, the NFT space has been getting absolutely clobbered
Do you guys think this will fully retrace or is there a 2nd bull run comi
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Author: Abiodun Oladokun
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