The mercurial non-fungible token (NFT) market has gone a bit bonkers lately. Some major collections have seen as much as a 90% loss in revenue and other collections are holding up quite unexpectedly. Projects such as CryptoPunks and Bored Ape Yacht Club have seen their floor prices lose 75%-95% of their value. In opposite fashion Proof Collective and Moonbirds Mythics NFTs are on fire, witnessing massive increases. This divergence emphasizes a new shift in the investor’s priorities, as well as a shift in what value is perceived to be within the NFT space. The market’s first speculative boom seems to be giving way to a more prudent and discerning approach.
Blue-Chip NFTs Feel the Pressure
CryptoPunks and Bored Ape Yacht Club (BAYC) are some of the most recognizable names in the NFT space. As of now, they are under a darkening cloud of downward pressure. CryptoPunks, formerly thought to be the gold standard of NFTs, have had their floors drop 14%. Such a drop off represents a larger trend of cooling interest in some of the older, more mature projects.
Likewise, Bored Ape Yacht Club NFTs have taken an even sharper dive, with their floor price dropping 18.67%. Thirteen months after this crypto crash, the subsequent drop in these blue-chip NFT values suggests an unsettling continuation of this market sentiment. Investors are getting more discriminatory about where they deploy their capital. These monumental losses have served as case studies of the risks involved in investing in digital assets, even those with proven track records.
Proof Collective NFTs Demonstrate Growth
Comparatively, as CryptoPunks and BAYC face the aftermath of their creations, Proof Collective NFTs are soaring to success. More recently, the floor price for Proof Collective NFTs has raised to a 0.40 ETH floor. This is a huge jump—a 59% increase over last month.
Proof Collective’s meteoric ascent is indicative of the investor stampede occurring around the best projects. Yet, most of all, they love deep community support and long-term vision. This trend is an encouraging indication that the NFT market as a whole is changing toward valuing projects that provide more than speculative value. Our Proof Collective continues to prosper, as it’s been sustained by a dynamic community. It also provides tangible, real benefits that drive and protect an active, engaged membership.
Moonbirds Mythics Soar Amidst Market Uncertainty
Another brand doing well despite the overall market is Moonbirds Mythics. In just the past month, these NFTs have seen an incredible floor price jump of 178%. While this is a huge and exciting growth opportunity, it is scary. It’s possible for specialty collections with distinct characteristics to do well, even in a down market.
For example, the value of Moonbirds Mythics has skyrocketed. This increase might be driven by increasing demand, a decreasing supply, or recent news of major advancements in the Moonbirds ecosystem. Whatever the explanation it may be, their performance does serve as a reminder of just how volatile and exciting this NFT market can be. That’s proof that targeted projects can provide a big bang for the buck even when overall markets are on the downslope.
Market Correction and Future Outlook
The NFT market is in turmoil yet again. This is important to illustrate just how consistently and frequently these digital assets can be wildly volatile. The first wave of NFT popularity included a lot of speculative debauchery and inflated price gouging. As the market matures, investors are getting pickier, looking for projects with real intrinsic value and a long-term vision.
