NFT Markets See Red as Major Collections Post Double-Digit Monthly Losses

Some of the best-known “blue-chip” non-fungible tokens (NFTs) have seen their floor prices decline by more than 25% in the last month, according to Nansen.ai data.

NFTs are a special type of crypto asset that provide its holder ownership over a real or digital asset. The floor price in NFTs refers to the minimum price a seller wants for an item in a collection, serving as an indicator of a collection’s popularity and perceived value.

However this metric can be manipulated and does not always accurately represent the true market value of an NFT, with other factors like rarity traits and market conditions causing variations in prices.

On-chain data shows that the Bored Ape Yacht Club collection’s floor price has declined by 27% while DeGods is down by 55%. Azuki, which sold out its ‘Elementals’ NFT mint in 15 minutes in June, ranking in $38 million in the process, saw its floor prices drop by 36%.

Meanwhile, the Nansen NFT-500 index is down 40% year-to-date, while its Blue Chip 10 index is down 33%.

While ether prices usually dictate the value of NFTs, values have dropped faster than the currency they are usually denominated in. Ether is down 9.6% on-month, and is up 1.9% during the last year, according to CoinDesk Indices data.

However, it isn’t all bad news in the NFT market. Some lesser-known collections have seen gains.

The floor price of Miladays has risen by 66%, approaching Mutant Ape Yacht Club, Nansen explained in a tweet thread, while Sproto Gremlins, which has a following amongst bitcoin HODLers, has surged 262% over 30 days.