Large collections suffer from price declines in 2023

Large collections suffer from price declines in 2023

The non-fungible token (NFT) industry has become a trending sector for digital assets. The sector has gained significant influence from investors worldwide over the past two years. Even during the extended bearish market in 2022, the industry flourished and gained more sales volume than in 2021.

However, the trend appears to be changing, with many collections recording major losses in 2023.

Top NFT collections in 2022 lose their value in Ether

In 2022, the NFT industry sales volume increased to impressive heights surpassing records in 2021. However, most of these popular NFTs lost their value in Ether in 2023.

A cryptanalyst, HashBastard’s NFTstook to Twitter to list some of the best NFT collections of 2022 that have lost massively this year.

These NFTs include Invisible Friends, Doodles, Goblintown, Moonbirds, and others. According to the post, these NFTs have lost over 95% of their value in Ether by 2023.

The community-centric collection, Doodles, shows a significant loss between 2022 and 2023. The floor price of the NFT collections fell from 23 ETH to 2.3 ETH, indicating a decline of over 90%.

Data from the popular NFT market, Open seaconfirms that Doodles’ base price is currently 2.0089 ETH, value $3,828.92 based on current market price.

Other NFTs, Invisible Friends dropped from 8 ETH to 1.15 ETH; Moonbirds now stands at 2 ETH, down from its 2022 value of 32 ETH, while Goblintown went down from 6 ETH to 0.26 ETH.

NFTs are drawing more attention amid falling prices

NFTGo released its quarterly report labeled ‘2023 Q1 NFT Market Analysis: An Insider Look’. The report noted that the bearish crypto market trend towards the end of 2022 affected the NFT space.

See also  Bitcoin set at $25000! Crypto becomes more attractive as SEC gets aggressive, investors say

Subsequently, blue-chip NFT collections fell by more than 40% in value. The Blue Chip index fell from its annual high of 12,394 ETH in July 2022 to 7,446 ETH in 2023.

Ethereum Tanks on the Chart l ETHUSDT on Tradingview.com

However, despite the drastic drop in the value of NFT collections, there are some investors see the price drop as the right opportunity to accumulate. Simultaneous, some think it’s over for the sector.

NFTGo data indicated that these owners have grown by 90% in the last 12 months. According to the data, while sellers rose 32%, buyers fell 30%.

New investors are also still moving into this area. Peter Schiff, a cryptoskeptic, rolled out an NFT project on the Bitcoin blockchain through Ordinals on May 27.

The collection sale will go through a two-stage auction between June 2nd and June 9th. The collection, known as ‘Golden Triumph’, represents a human hand holding a gold bar.

Featured image from Pixabay and chart from TradingView

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *