- The Autoglyphs and Azuki collections showed strength despite the broader market tumble.
- The number of addresses buying NFTs fell to June 2021 levels.
It has been a horrendous last 30 days for blue-chip Ethereum [ETH] NFTs in the market with a handful of them experiencing significant downturns in value. However, out of the top 10 collections in market capitalization, only two were able to flee from the nose-diving state.
Realistic or not, here’s ETH’s market cap in BTC terms
Not a Yuga Labs season
According to IntoTheBlock, these “escapees” were not Bored Ape Yacht Club [BAYC] or Mutant Ape Yacht Club [MAYC].
Instead, Autoglyphs, the first on-chain generative art on the blockchain, and Azuki were the ones able to salvage what was left of a widespread decreasing floor price.
Over the last 30 days, just two out of the top 10 NFT collections have appreciated in value, with just one of them increasing in $ETH terms in 2023.#NFTs pic.twitter.com/JDRbvPGVCJ
— IntoTheBlock (@intotheblock) May 12, 2023
The data from the blockchain insight platform showed every other collection had to deal with a double-digit decrease in price. And for BAYC, much hasn’t happened since its floor price went below the 50 ETH mark.
This implied that interest in buying and selling these non-fungible tokens has waned.
However, the 4.70% and 1.44% hike in the value of the aforementioned performing assets were not able to lead them to the top of the standing in volume despite registering growth.
Despite the decrease in value of both MAYC and BAYC, they sustained the first and second positions respectively in terms of volume.
The volume describes the total number of successfully completed transactions in one collection via the Ethereum network.
Therefore, the 593,900 and 553,000 ETH recorded by both Yuga Labs-created collections means that traders were necessarily selling their stakes in the assets.
Eradication on the edge
Following the drop in prices, sales volume on the Ethereum blockchain fell incredibly. According to CryptoSlam, the metric decreased by 19.89% in the last seven days. This left the volume at $450.11 million.
Source: CryptoSlam
Furthermore, the buyer count has also shrunk—a 59.28% decrease within the same period. Thus, this also impacted the total transactions and wash volume negatively.
Earlier, IntoTheBlock reported that Ethereum was not the only blockchain affected by the dwindling interest. But despite a quick resurgence in February, addresses buying NFTs fell to their lowest since 2021.
📉#NFT market update: Interest appears to be fading as the number of new addresses purchasing NFTs hits its lowest point since June 2021. Despite a brief surge in Feb ’23, the total number of NFT holders remains steady at around 7.5 million. Will we see a rebound? 🤔 pic.twitter.com/u1kD6pabfv
— IntoTheBlock (@intotheblock) May 12, 2023
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Additionally, the broader Ethereum ecosystem, liquidity, and infrastructure contributed to the resilience of these NFTs before the recent dump. However, collectors and investors may not be wary of trading these assets for quick gains.
But as the NFT market continues to mature, it will be interesting to see how these lesser-known projects fare and whether they can continue to defy market trends.