A glance at the six trends of blue-chip projects in the NFT market

The overall trend

According to NFTGo data, in the past 30 days, the trading volume of the NFT market has shown a fluctuating downward trend. During the period of decline, periodic minor corrections are more common in positive news, such as the acquisition of Yuga Labs.

A glance at six trends in blue-chip projects in the NFT market

Data source: NFTGo.io

NFT market capitalization is still tied to the volatility of the cryptocurrency market, and events such as the recent Russian invasion of Ukraine are destabilizing the world economy and various financial markets. In early February 2022, NFT transaction volume fell by more than 33% after reaching an all-time high.

A glance at six trends in blue-chip projects in the NFT market

Data source: NFTGo.io

So when the trading volume drops, is the value of NFTs also undervalued? What are the driving factors for the growth of NFT market value?

The number of traders has dropped significantly

According to NFTGo data, although NFT holding addresses are slowly rising, compared with the number of daily transaction addresses 30 days ago of 51,740, the current daily transaction addresses have dropped by 70% to about 10,000 addresses.

A glance at six trends in blue-chip projects in the NFT market

Data source: NFTGo.io

Higher rarity NFTs perform well

During market downturns, high-rarity NFTs are more likely to gain favor, and Azuki is one of the youngest top blue-chip projects in recent times, with Azuki selling for as high as 95 ETH in the past week.

A glance at six trends in blue-chip projects in the NFT market

Data source: NFTGo.io

Its average price has fluctuated, but it has remained in the 10-15 ETH range. Azuki’s weekly top selling price is about one-fifth of the monthly top selling price. When looking at the gap between the rarity indicators of the two NFTs, the reason behind the huge difference in selling price can be found.

A glance at six trends in blue-chip projects in the NFT market

Data source: NFTGo.io

While overall transactions have dropped significantly, holders have recently traded Azuki for legendary rarity for 95 ETH.

A glance at six trends in blue-chip projects in the NFT market

Data source: NFTGo.io

Since the all-time high price of 204ETH appeared, both the average price and floor price of Azuki NFT have fallen sharply.However, in some uncertain times, it would be more advantageous to hold a 1/1 collection.

A glance at six trends in blue-chip projects in the NFT market

(Example of exponential correlation between Rarity and price) Data source: NFTGo.io

Most whales are still Hodler

For many whale holders, the current market value of the NFTs they hold is still higher than their holding costs. For example, RTFKT CloneX holders can make profits ranging from $660,000 to $12 million from the project if they sell their NFTs. The following is the PnL indicator, that is, according to the current situation of the project, the profit that the address (holder) has obtained and the sum of the profit of all the project’s NFTs that have not been sold.

A glance at six trends in blue-chip projects in the NFT market

Data source: NFTGo.io

However, most whales still insist on holding their own NFTs. If we pay attention to the behavior of giant whales and their profit indicators, we can see that the number of whale Mint in the market has decreased, while the buying and selling behavior has continued to increase.

A glance at six trends in blue-chip projects in the NFT market

Data source: NFTGo.io

PFP remains the most liquid NFT category

In the liquidity table of various types of projects in NFTGo, we can see that the PFP project is by far the most liquid NFT.The liquidity of PFP projects is about 4 times that of game NFTs, and more and more PFP projects are beginning to incorporate games such as GameFi, making them more attractive and follow-up compared to other NFTs, such as pure game NFTs room for value growth.

A glance at six trends in blue-chip projects in the NFT market

Data source: NFTGo.io

The Metaverse craze is fading

The Sandbox and Decentraland have seen their trading volumes drop by 45.51% and 41.83% respectively over the past 30 days. In the Metaverse, participants trade LAND to build their own spaces and buildings on purchased plots. Compared to The Sandbox LAND project, Decentraland has received more attention from whales and other holders over the past week.

A glance at six trends in blue-chip projects in the NFT market

Data source: NFTGo.io

The Dencetraland project is progressing very quickly. The number of LAND transactions in Dencetraland fell by about 30% last week. However, the lands are still being sold at such high prices as 29.96 ETH. The large price difference indicates that there are significant differences between different LANDs, similar to the price differences caused by rarity previously observed in Azuki, except that the differences between LANDs come from location, owner status of adjacent plots, etc.

A glance at six trends in blue-chip projects in the NFT market

Data source: NFTGo.io

The most expensive lot sold for more than eight times the floor price last week. This piece of LAND generated a net profit of $78,594.881 for the seller, and this huge transaction happened just 5 days after the LAND was minted.

in conclusion

During a general market downturn, holders tend to withdraw money from risky assets. However, despite recent events affecting the price and growth rate of blue-chip NFTs, the market has shown some stability and there is still room for growth in the future. The price of blue-chip NFTs with higher rarity is even as high as thousands of dollars, and their performance is still very resilient during the downturn. At the same time, PFP projects continue to attract more traders. In the current period of gradual calm in the primary market, impulsive Mint transactions should be avoided as much as possible, and market data can be calmly analyzed to find potential upside.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/a-glance-at-the-six-trends-of-blue-chip-projects-in-the-nft-market/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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