Blue-chip NFTs value melts quickly


July 4, 2023


Olumide Adesina

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Blue- chip non-fungible token collections have fallen into a deep red sea as the cheapest NFTs in the collection plummeted over the past week, with some approaching two-year lows.

Yuga Labs' flagship Bored Ape Yacht Club collection, which is the second largest by market valuation, hit the lowest price of 27.7 Ether, the highest level in September 2021, according to CoinGecko.

Blue Chip NFTs are high-value, non-fungible tokens that are considered authoritative in the NFT market.

Good non-fungible tokens (NFTs) are as coveted as blue-chip stocks in traditional finance due to their reputation, quality, and long-term appreciation potential. These tokens often have certain prestige-enhancing properties, such as:

Good NFTs are often well-known artists, creators, or companies, and their NFTs are highly credible and attractive due to their track record of adoption. In addition to rare physical art in digital form or iconic items, some of the best NFTs are historical or sentimental NFTs of notable sporting events and digital artwork are good examples due to their cultural or historical significance.

NFT lowest price tank

At its peak, Bored Ape NFTs sold for over 500 ETH, and several A-list celebrities, including Justin Bieber, spent over $1 million on one of their collections.  Azuki also caused a great deal of loss to its holders due to the poor release of the Elementals collection. Community members anticipated suing founder Zagabond for 20,000 ETH, resulting in a drop of more than a fifth in price.

Meanwhile, other fine NFT collections such as DeGods, Pudgy Pegions, Azuki Elementals, BAKC, and Moonbirds have also seen significant declines in value during this period.