In the past three months, the NFT market has seen significant declines in the values of prominent collections like Cryptopunks and Bored Ape Yacht Club (BAYC). On March 17, 2024, Cryptopunks had a floor value of around 49 ether, which plummeted to 25.45 ether by June 18.
Major Declines Across Cryptopunks, BAYC, and Other NFT Collections
The NFT sector has faced sluggish sales in 2024, leading to substantial drops in the values of renowned ‘blue chip’ NFTs such as Cryptopunks and BAYC. About 90 days ago, a single Cryptopunk was valued at approximately 48.99 ether when one ether was worth $3,642. However, with the current ether price at $3,475 per unit, the floor value of Cryptopunks has fallen to 25.45 ether.
This decline in Ethereum’s value has mirrored a significant reduction in Cryptopunk’s ETH floor value, marking a 48% decrease in 90 days. Similarly, BAYC NFTs also experienced a downturn, albeit less severe than Cryptopunks, with a 33.1% loss in value when priced in Ethereum. BAYC’s floor value dropped from 13.29 ether to 8.89 ether over the same period.
Other NFT collections also witnessed declines over the past three months. Pudgy Penguins saw a 20.5% decrease, while Milady Maker NFTs showed an increase from 2.04 ether to 4.73 ether. Azuki NFTs decreased from 3.64 ether to 3.05 ether. Beyond Ethereum-based NFTs, collections on other blockchains also experienced drops. For instance, Bitcoin’s Nodemonkes fell from 0.7374 BTC to 0.18 BTC, Bitcoin Puppets dropped from 0.23 BTC to 0.11 BTC, and Quantum Cats decreased from 0.339 BTC to 0.26 BTC.
The noticeable decline in NFT collections like Cryptopunks and BAYC amid fluctuating Bitcoin (BTC) and Ethereum (ETH) values raises concerns about the long-term appeal and financial stability of these ‘blue chip’ digital assets. While smaller collections have shown resilience or growth, the overall decline suggests potential market saturation or investor fatigue. Whether this NFT dip signifies a correction or a sustained bearish phase remains speculative amidst evolving market trends.
