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Could the NFT market be in pole position for a Q1 2023 revival?
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Closing 2022 at an index of 9,248 ETH, Blue Chip NFTs suffered a drop in value, data from NFTGo revealed.
Blue Chip NFTs are a subcategory of the broader NFT market that is considered to be of high quality and value. Examples include Bored Ape Yacht Club [BAYC], Mutant Ape Yacht Club [MAYC], Crypto Punks, and Meebits.
According to NFTGo, the Blue Chip Index is calculated by weighing the market capitalization of Blue Chip NFT collections to determine their performance. In 2022, Blue Chip Index fell by 36%.
The decline in the value of Blue Chip NFTs in 2022 mirrored the general market sentiment towards NFTs. This was because many viewed these digital collectibles as luxury items during a bull market rather than stable and inflation-proof investment vehicles.
Source: NFTGo
Per data from NFTGo, in the first half of 2022, CryptoPunks temporarily led the NFT vertical as the collection with the highest market capitalization, as it held a 10% share of the entire NFT market capitalization. However, towards the end of 2022, its value declined steadily, and BAYC replaced it.
According to NFTGo, BAYC closed 2022 with a market capitalization of $830 million. The NFT collection gained an 8.12% share of the total NFT market capitalization.
Source: NFTGo
The digital collection, however, saw a steep fall in value in 2022. According to CoinGecko, the NFT collection commenced 2022 at a floor price of 60 ETH.
Seeing increased trading volume in Q1, its floor price rallied to peak at 153.7 ETH on 1 May. However, it declined steadily since this claiming high, and a BAYC sold for 71 ETH on 31 December.
Source: CoinGecko
Further, even though BAYC closed 2022 as the NFT collection with the largest market capitalization, its market capitalization fell by 38% during the year.
Furthermore, the daily sales volume peaked at $112 million on 28 April before embarking on a southward movement.
Source: NFTGo
According to CryptoSlam, BAYC suffered the most drop in sales volume in October 2022. Within the 31-day period, only 317 sales transactions that totaled $31 million were completed.
Source: CryptoSlam
So far this year, 17 BAYC sales transactions have been completed. Sales volume was up by 51% in the last 24 hours, and the same totaled $1.37 million, placing it closely behind Otherdeed with a sales volume of $1.87 million.
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Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
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