NFTs have not been a good store of value in ETH O USD – CryptoMode
Although non-fungible tokens are a favorite pastime among speculators, these assets do not hold their value very well. Especially in a bear market, both ETH and USD value drop like a brick. Some might argue that there are bargains to be had today, even if the overall momentum says otherwise.
NFTs cannot retain USD value for good
The prices of everything are greatly inflated when cryptocurrencies are bullish. NFTs are a good example of that concept, as some collections reached astronomical price floors in 2021 and early 2022. Most knew that such values would not be sustainable for long, but speculators and investors continued to pour money into these assets. Most of them are now facing a gaping hole in their wallets, with no real improvement in sight.
Like most people, one must first look at the NFT values in US dollars. It is not a popular method, but rest assured that ETH prices are not much better. Even the peak collections have declined significantly in value, confirming that NFTs are far worse investments than cryptocurrency for most people. Nevertheless, it can be a lucrative investment under optimal market conditions. For everything else, apparently not so much.
All times vs current prices in USD 🥶
CryptoPunks: 440K ➡️ 108K
BAYC : 435K ➡️ 108K
MAYC: 130K ➡️ 19K
Moonbirds: 117K ➡️ 20K
Azuki: 115K ➡️ 10K
Clone X: 88K ➡️ 10K
Vee Friends: 75K ➡️ 9K
Doodles: 60K ➡️ 11K
Cool Cats: 57K ➡️ 4K
WOW: 50K ➡️ 4K
GCG: 29K ➡️ 8K— Renegademaster.eth 🫡 (@renegademasterr) 21 August 2022
The top collections – CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club, Moonbirds, Azuki and Clone X – all saw prices drop by roughly 80% or more compared to their all-time high. CryptoPunks and BAYC are the only collections remaining above $100,000, while MAYC, Moonbirds, Azuki and Clone X range from $10,000 to $20,000. At their peak, these collections were worth at least $88,000 per NFT.
One could argue that the falling crypto prices have pushed NFT values down. That’s a correct assessment, although most of these collections have run their course once the news wore off. Profile picture collections can only go so far. BAYC and MAYC were “saved” by the launch of ApeCoin and Otherdeed. CryptoPunks have the undeniable “AND” status, but everything else needs to figure out a tool sooner rather than later.
ETH Price Floor Crater Also
Most investors and speculators prefer not to keep their crypto-liquidity in NFTs during a bear market. It is clear when you look at the current versus all-time high price floors. Every collection saw the floor cut by 50% or more, and there’s no instant recovery either. Many would have loved to buy a BAYC or CryptoPunk under 70 ETH months ago, but few are willing to pay that price today.
Now in ETH 🥶
CryptoPunks: 125 ➡️ 66.5 ETH
BAYC : 150 ➡️ 67 ETH
MAYC : 40 ➡️ 12 ETH
Moonbirds: 35 ➡️ 12.5 ETH
Azuki : 33 ➡️ 6 ETH
Clone X: 21 ➡️ 5.9 ETH
VeeFriends : 20 ➡️ 5.7 ETH
Doodles: 20 ➡️ 6.7 ETH
Cool cats: 19 ➡️ 2.3 ETH
WOW: 14 ➡️ 2.4 ETH
GCG: 11 ➡️ 5 ETH— Renegademaster.eth 🫡 (@renegademasterr) 21 August 2022
Things aren’t getting better for other collections like VeeFriends, Doodles, Cool Cats, World of Women, etc. These price floors look awful compared to their all-time highs, and converting it to USD makes it even more painful. No matter how you look at it, NFTs are not a great investment. That situation could easily change when crypto goes full-throttle bull mode. Unfortunately, such an outcome seems quite unlikely for 2022.
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