• Blue-Chip NFTs, or high-quality NFTs with potential for future growth, have seen a decrease in value over the past three months. This has been reflected in the Blue-Chip Index, which has fallen by 38%.
• One particular collection that has bucked this trend is Milady Maker, whose value has more than tripled since January.
• The Bored Ape Yacht Club (BAYC) collection has seen its floor price drop from 128 ETH to 25.6 ETH, representing an 80% decline from its peak and a 64% decline year-to-date. Additionally, daily trading volume for BAYC has decreased 92% since February.
Overview of Blue-Chip NFTs
Blue-Chip NFTs are considered to be high-quality and have a high potential for future growth due to their strong community and utility potential. Popular collections include CryptoPunks, Bored Ape Yacht Club (BAYC), CryptoKitties and Milady Maker.
Blue Chip Index Declines
The Blue Chip Index tracks the performance of these collections and is calculated by weighing their market capitalization to determine their performance. Peaking at 8421 ETH on 5 June, the Blue Chip Index has since trended downwards with a current value of 5208 ETH – representing a 38% decline in 3 months.
Bored Ape Value Decline
The value of NFTs that make up the BAYC collection have seen a steady decline in recent months – falling from a peak of 128 ETH to 25.6 ETH currently – representing an 80% decrease from its April 2022 peak and a 64% decline year-to-date. Additionally, daily trading volume for BAYC has decreased 92% since February 22nd 2023 when it peaked at $11.47 million USD to $923,085 as of 18 August 2023..
Milady Collection Gains
In contrast to the overall trend among blue chip collections, the Milady Maker collection has seen significant appreciation – jumping 444% in value since January 2023
Conclusion
The value of Blue Chip NFTs continues to fall in light of slowing activity across profile picture (PFP) markets while some individual collections like Milady Maker have experienced notable gains despite this downturn