Altcoin
Blue-Chip NFTs worth the label? A BAYC, CryptoPunks case study
Up by 2% over the last seven days, the Blue Chip Index revealed some growth in the performance of Blue Chip NFTs over the past week.
According to NFTGo, the Blue Chip Index is calculated by weighing the market capitalization of Blue Chip NFT collections to determine their performance.
So, let’s take a closer look at the performance of the top two Blue Chip NFT collections – Bored Ape Yacht Club (BAYC) and CryptoPunks – over the aforementioned period.
BAYC is king?
A few weeks ago, the sustained downturn in the general cryptocurrency market forced the Ethereum floor price of the BAYC NFT collection to drop to 65 ETH.
According to data from NFT Floor Price, this represented the lowest level the NFT project touched since the beginning of the year. With a value of 72.5 ETH at press time, BAYC’s floor price appreciated by 7% over the last seven days.
Source: NFT Price Floor
Despite the fact that Ethereum (ETH) shed 7% of its value over the aforementioned period, BAYC saw an uptick in its sales volume. According to data from NFTGo, BAYC sales totalled $13.54 million, therefore, growing by 11.58% within the 7-day period.
However, despite the growth in sales volume for the Blue Chip NFT collection, its market capitalization failed to log any growth. Instead, it declined by 0.45%.
Source: NFTGo
Furthermore, 101 sales transactions involving BAYC NFTs were completed within the 7-day period. This represented a 7.45% rally in the collection’s sales count within that period.
Apart from sales, the number of transactions to send or receive NFTs from the collection also went up by 36%. Additionally, BAYC’s liquidity rate, which measures the relative liquidity of the NFTs collection, hiked by 7% too.
You just got punked!
Within the period under review, the CryptoPunks NFTs collection fared differently. While its floor price grew by just 1% in the last seven days, it has fallen consistently by 3.52% over the past two weeks.
Source: NFT Price Floor
With only $2.73 billion registered in sales over the last week, sales volume for CryptoPunks plummeted by 35%. Like BAYC, its market capitalization also fell by 2% on the charts.
Source: NFTGo
In addition, the collection’s sales count fell by 18% within the period under review. With only 102 sent and received transactions completed within the 7-day period, a 27% decline was logged in this regard.
With a figure of 0.26% recorded as liquidity over the last seven days, the collection’s liquidity rate dropped by 19%.
Source: NFTGo
So far this year, the floor price for CryptoPunks NFTs has dropped by about 20%, data from NFT Price Floor revealed.
Even so, it continues to lead the entire pack by holding a 9.59% share of the entire NFT market.
Source: NFTGo
