[Coinlive Feature] NFT bear market? Check out the performance of these popular blue-chips NFT

Just within a week after the last article about ‘NFT summer’, the NFT market collapsed in a sudden. Ethereum (ETH) price plummeted 30% in the short span of 5 days, and blue-chips NFT followed suit, eventually the FUD (fear, uncertainty, doubt) emotions had taken over crypto markets. On the November of 2021, ETH achieved its all-time high (ATH) at $4,891.70, since then the price hit on a downward trend. As of 14 June 2022, ETH price is trying hard to survive on its $1,200 mark, price had fallen 75% since ATH. How about the performance of blue-chips NFT? Let’s see the top 10 most popular NFT projects listed below.

CryptoPunks
Floor price ATH: 124 ETH (as of 3 Oct 2021), value at ~USD$420,000
Floor price now: 48 ETH, value at ~USD$57,600
Price Drop Since ATH: -86%

Bored Ape Yacht Club (BAYC)
Floor price ATH: 153 ETH (as of 1 May 2022), value at ~USD$417,000
Floor price now: 75 ETH, value at ~USD$90,000
Price Drop Since ATH: -78%

Mutant Ape Yacht Club
Floor price ATH: 41 ETH (as of 30 Apr 2022), value at ~USD$115,000
Floor price now: 14.3 ETH, value at ~USD$17,000
Price Drop Since ATH: -85%

Moonbirds
Floor price ATH: 38 ETH (as of 25 Apr 2022), value at ~USD$111,000
Floor price now: 15.6 ETH, value at ~USD$18,700
Price Drop Since ATH: -83%

Azuki
Floor price ATH: 31 ETH (as of 4 May 2022), value at ~USD$86,000
Floor price now: 9.2 ETH, value at ~USD$11,000
Price Drop Since ATH: -87%

Clone X
Floor price ATH: 20 ETH (as of 5 Apr 2022), value at ~USD$70,000
Floor price now: 7.9 ETH, value at ~USD$9,500
Price Drop Since ATH: -86%

Doodles
Floor price ATH: 24 ETH (as of 6 May 2022), value at ~USD$66,000
Floor price now: 9.4 ETH, value at ~USD$11,300
Price Drop Since ATH: -83%

VeeFriends
Floor price ATH: 20 ETH (as of 14 Sept 2021), value at ~USD$65,700
Floor price now: 6 ETH, value at ~USD$7,200
Price Drop Since ATH: -89%

Cool Cats
Floor price ATH: 16 ETH (as of 1 Feb 2022), value at ~USD$43,000
Floor price now: 3 ETH, value at ~USD$3,600
Price Drop Since ATH: -92%

Meebits
Floor price ATH: 7 ETH (as of 31 Aug 2021), value at ~USD$22,600
Floor price now: 3.3 ETH, value at ~USD$4,000
Price Drop Since ATH: -82%

*’Floor price now’ as of 14 Jun 2022, 5PM; Current ETH price valued at $1,200

ETH price movement

Among all the NFT projects listed above, even with a staggering percentage of 75%, BAYC dropped the least from its ATH. Most of others retraced around 80ish % while Cool Cats being the outlier that fell beyond 90%. Besides, we can see that OG blue-chips (except Cool Cats) hit their ATH floor price around September & October 2021, while the newcomer blue-chips hit theirs around April & May 2022. ETH price was between $2,700 to $3,600 in both periods, market appeared to be agreeable to this price range. However, this is all before the FUD kicks in. The huge plummet of ETH price brought down NFT blue-chips as well, holders were cashing from the market be it cryptocurrencies or NFT.

Moreover, stETH depeg from ETH and Celsius Network, one of the DeFi lending giant, halting withdrawals, both are not helping ETH to maintain its price, instead causing a crypto crash. ETH price had broken the $1,200 mark for a few times, the downward force seemed to be unstoppable. NFT blue-chips suffered a loss between 10% - 20% (mostly down 20%) overnight. Blue-chips holders not only have to bear the loss of NFT floor price, also the decreasing ETH price, which means they are losing their money at accelerating speed thus the FUD happens. When FUD happens, the floor price drops, which creates more FUD and the floor price drops harder, rinse and repeat.

Screenshot of floor price as of 13 Jun 2022, 5PM. Source: https://nftpricefloor.com/

While NFT market is in the beginning of winter right now, it doesn’t mean that it is dead. To some NFT enthusiasts, the blue-chips are on their low both floor and ETH price, it might be a good opportunity to accumulate. Some of the hottest NFT projects out there had seen a V-shape rebound a day after, say goblintown.wtf and ill poop it nft, for instance.

ill poop it nft floor price movement

Nevertheless, it is always dangerous to catch the falling knife, the best strategy during a bear market is to wait for the FUD ends. Always remember, only invest what you can afford to lose, and never FOMO.

Read more about ‘NFT summer’ and ill poop it nft: https://www.blocktwits.com/news/detail/?id=6141

Written by: [Coinlive] Nell