Discover how to identify the good hedges against crypto price drops
Amidst a series of bearish crypto market trends, some NFT collections stood out as true hedges against portfolio value declines. Thanks to the data available on DappRadar, we have noticed that some NFTs have had their floor price and average price increase significantly. But how do you find these grails? That’s what this article will cover. Let’s dive in!
NFTs as a hedge against economic downturn
Especially in the last few weeks, NFTs floor and average prices have maintained themselves with the best possible results in an industry in a contracting phase.
As controversial as NFTs are, it seems that some of the most famous collections are bending the rules of the decentralized markets.
As you can read in the DappRadar Blockchain Industry Report of July 2022:
“We can observe a hyper-centralization of activity as blue-chip NFT collections retain most of their value.”
The NFT market boom of 2021 made room for many new creators and collections to have a lot of space and audience. However, not all projects came to fruition or achieved a position of stability.
There’s a sea of non-fungible tokens out there, and you need to know how to find the truly valuable ones. That’s where the blue-chip NFTs come in.
What are the strongest NFT collections this summer?
The increase in volume registered in the last few weeks in the NFT market is concentrated even in blue-chip collections, mostly projects belonging to Yuga Labs – Bored Ape Yacht Club, Otherdeed for the Otherside Metaverse, Mutant Ape Yacht Club, CryptoPunks, and so on.
See below the DappRadar Ranking of Top NFT Collections in July 2022.
Furthermore, we can look forward to an increasingly inter-chained future with Magic Eden and OpenSea marketplaces leading the NFT dapps – and having both announced in 2022 to support the Ethereum and Solana network.
Which NFTs within a particular NFT collection do particularly well?
While spotting NFT collections with potential may be easy with the DappRadar NFT Overview, that’s not all the NFT hunt is about. Within a collection, there are a variety of individual non-fungible tokens with different rarities and values.
Take the Bored Ape Yacht Club, for example. Although the entire collection already has a considerable floor price, some NFTs have specific properties that give them a high rarity and, therefore, high price.
In September 2021, the Sandbox game announced its official purchase of the Bored Ape #3749 for 740 ETH (worth $2.42 million at the time).
The high value of the token, which you can see in our NFT Value Estimator, comes not only from its rarity – thanks to its unique features like the golden fur and lazer eyes – but also from the project’s success as an authority on the NFT space.
- Read further: How to Value Bored Apes Yacht Club NFTs
How to find the best NFT in a collection with DappRadar?
Our NFT Collections Explorer gives you access to accurate and up-to-date data that help you get ahead of the game.
Using this tool, you can filter NFTs in specific collections by their metadata, sort them by price, or search directly using the NFT ID. Therefore, it’s one of the best ways to spot the most valuable tokens in a collection.
We’ve also created a video explaining the step-by-step process and main benefits of using it on our Youtube channel you should definitely check out.
Keep tracking NFTs with DappRadar
As you know, knowledge is power, and DappRadar is one of the best sources of quality data and content in the NFT space.
We will continue to monitor the industry movements and main news to keep you updated. So if you’re interested in learning more about NFTs, make sure to follow DappRadar on Twitter, join our Discord server, and keep up with the education articles on the blog.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your own research.