Blue Chip NFT Collections Lose 50% Value as Goblin Town Surge

Other categories related to this article:

Established collections shed 50% value as new arrivals steal the show

Blue Chip NFT collections such as CryptoPunks, Bored Ape Yacht Club (BAYC), and Doodles have seen almost half their value wiped out over the last thirty days while free to mint collections such as Goblin Town WTF storm the charts. Data on so-called blue-chip NFTs show that key metrics, floor prices, and market capitalization have declined over the past month.

As markets continue to toss and turn, some blue-chip NFT collections have seen their floor prices and market capitalization slide, with some of the most well-established collections halving in value. Key Ethereum NFT projects such as CryptoPunks, BAYC, Mutant Ape Yacht Club (MAYC), and Moonbirds are all down approximately 50% over the last 30 days.

One thing to keep in mind is that Ethereum NFTs are almost always priced in ETH and that the value of Ethereum has dropped more than 28% in the last 30 days. That means unless sellers change their prices to combat the falling price of ETH in dollars, these collections are down almost 30% organically. 

Blue Chip NFT

Blue-chip NFT collections

MAYC has been hit hardest, with the floor price diving more than 53% to around $30,000 at writing. The favored Bored Ape Yacht Club (BAYC) has dropped over 47% to approximately $163,000, and CryptoPunks by almost 42% to $95,000. The one collection to gain this past month was Moonbirds, up nearly 25% to a floor price of roughly $37,000 at writing.

Despite the floor price for Moonbirds being up, its market capitalization has fallen 52% to $374 million. The others have also seen significant drops at writing, with the biggest losses attached to the MAYC collection, down over 71% to under $633 million, while BAYC and CryptoPunks were down 62% and 44%, respectively.

Despite falling numbers, these blue-chip collections still dominate the top NFT sales over the past 30 days, with the most expensive being a BAYC NFT sold for 410 ETH on May 5, which on the day of the sale was worth about $1.2 million, now its worth just over $800,000.

Blue Chip NFT

WTF is Goblin Town 

While these blue-chip collections ride market turbulence and importantly retain value, new collections arrive thick and fast for eager collectors to mint for free. Of course, there are gas fees to pay, but these are around $50 at writing. 

One collection that has come from nowhere, with very little marketing, hype, or even influencer involvement, is Goblin Town. The collection of 9,999 goblin heads dropped on May 22 and has already surpassed a floor price of almost $5,000, having repeatedly doubled in value over the last week. 

Goblin Town is currently the 15th most traded NFT collection in the last 30 days, with an impressive market cap of just over $49 million and a floor price of $4,910. It sits proudly above Murakami, VeeFriends V2, and many more established collections. Not bad for a collection that launched by telling buyers there was “No roadmap. No Discord. No utility.”

Since launch, the top sale was for arguably the rarest Goblin, a one-of-one Goblin by the name of Crustybutt Da Gobblin King, for 69.42 ETH, or around $130,000 on May 5. Looking in the buyer’s wallet reveals a healthy collection of 27 Goblin Town NFTs with a combined value of about $136,000 at writing. 

Blue Chip NFT

NFTs continue to amaze 

The Goblin Town collection shows that while crypto prices may be down and some investors may be HODLING there is a strong appetite for NFTs to turn a profit. The nature in which some of these collections catch on is sometimes baffling as projects that invest very little in marketing can quickly capture the imagination of buyers. 

The move to earn craze is also hitting hard with dapps like STEPN and legacy applications like Lympo finding market fit as people hunt for utility from NFT collections. Despite the popular move-to-earn NFT game, which accounts for 5% of its audience from China, being banned from the app store to adhere to Chinese regulations, the founder of STEPN has said the move would not have a substantial impact on the firm’s finances. Meanwhile, companies that trailblazed the idea of moving to earn back in the ICO days have started to resurface and rebuild their teams amidst renewed interest in move-to-earn dapps. 

Unsubscribe at any time. T&Cs and Privacy Policy

The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in various cryptocurrencies, including BTC, ETH, and RADAR.

Share this post on social media

Share this Article

Related articles

Related articles

Steve Aoki Went on a Shopping Spree Despite Bearish Market Trends

The DJ and musician bought 2 Azuki NFTs and numerous Tripsters NFTs in the past week