Blue-Chip NFTs Rise as Crypto Market Stagnates

Sales of blue-chip NFT collections have seen an uptick, with the number of buyers and sellers surging over the past week.

Investors are searching for alternative opportunities within the crypto ecosystem, particularly as traditional cryptocurrencies such as Bitcoin and Ethereum exhibit signs of consolidation. Consequently, the volume of NFT sales has increased.

Over the past week, the volume of NFT sales increased by approximately 13% to $92 million, as indicated by data from CryptoSlam.

The quantity of buyers and vendors has also increased significantly in the past week, with each figure rising by over 75%.

Blue-Chip NFT Collections Experience an Increase in Sales

The recent surge has primarily benefited blue-chip NFT collections, as seen by CryptoSlam data.

For instance, the CryptoPunks NFT collection experienced a 400% increase in sales last week, totalling $7 million.

Similarly, Bored Ape Yacht Club experienced a sales increase of over 63%, with an estimated $3.5 million in revenue.

In the past week, sales volume for other significant collections, such as Ordinals, Solana Monkey Business, MCSuperUser, and Mutant Ape Yacht Club, increased by 320%, 113%, 1,409%, and 7%, respectively.

In the past week, Ethereum-based NFTs experienced the maximum level of activity in the context of blockchains, with a sales volume exceeding $34 million, a 40% increase.

The sales volume of Solana-based NFTs is $18.5 million, representing a 12% increase from the previous week.

It is also important to mention that the floor price of blue-chip NFTs has recently increased.

As per the NFT Price Floor data, the floor price of CryptoPunks has increased by 29% in the past week, reaching 28.15 ETH.

The floor price of Bored Ape Yacht, Pudgy Penguins, Azuki, and Mutant Ape has also increased by 29%, 9%, 13%, and 17%, respectively.

The NFT floor value is the lowest value at which an NFT in a particular collection can be acquired.

CryptoPunks NFT Sold at 80% Discount

Although the NFT market has recently experienced a modest recovery, it remains situated at the bottom of the market in comparison to the highs of 2021.

Recently, a CryptoPunk NFT was sold for $23.2 million in 2022 and resold for 1,500 ETH at an 80% discount, resulting in approximately $3.9 million.

The original proprietor, Deepak Thapliyal, purchased the NFT for 8,000 ETH. He bid farewell to the token on X (formerly Twitter).

The new buyer, VOMBATUS, subsequently confirmed the purchase and compared the low price to receiving a “free” token.

Subsequently, the NFT, CryptoPunk #5822, was relisted for 5,000 ETH, potentially resulting in a 45% loss for Thapliyal if it were to be sold at this price.

In the interim, there has been a trend of corporations withdrawing from the NFT sector.

Starbucks, the internationally recognised multinational coffee chain, terminated its NFT rewards program in March.

GameStop, a gaming retailer, announced the cessation of its NFT marketplace in January. This decision was made after the company reduced its crypto services over the previous two years.

Recently, X, which is currently under the ownership of Elon Musk, discontinued a feature that permitted premium users to use NFT images as their profile photographs.