Like the encrypted market, NFT also has its own rotation cycle, and in November 2022, the trading volume of the NFT market also experienced a trough, with a daily trading volume of about 5 kETH. In these two bear market cycles, after experiencing changes for most of the year, how did those top NFTs perform? Which NFTs have dropped? And which NFTs have risen against the market?
Comprehensively looking at the comparison between the average holding rate and listing rate of top NFTs. Judging from the average holding quantity, Degods has the highest average holding quantity, about 3.45, followed by Meebits, about 3. CryptoPunks has the highest listing rate, about 10.81%, followed by CloneX, and Veefriends and Meebits have the lowest listing rates.
Next, we will select the blue-chip Collection with similar floor prices around November 2022 to compare their performance over the past half year. It can be observed that the floor price of CryptoPunks remains above 30 ETH. Bored Ape Yacht Club has reached above 20 ETH. The range of 6-20 ETH has become a blank area. Projects with floor prices around 4+ ETH include MAYC, DeGods, Azuki, Captainz, Memeland, Milady, and Pudgy Penguins.
Among these projects, Pudgy Penguins is the only project with a significant increase in floor price, approximately 47.39%. On the other hand, "Invisible friends" and "Moonbirds" experienced the largest decrease in floor price.
CryptoPunks & Board Ape Yacht Club
CryptoPunks and BAYC were both top projects in the 50 E+ range last year, but they have both experienced a decline as the market turned bearish. In the past six months, CryptoPunks dropped 26.31% from 64.96 ETH to 47.87 ETH, while BAYC plummeted 56.36% from 55.89 ETH to 24.39 ETH.
From the floor price perspective, CryptoPunks has shown a relatively stable trend compared to BAYC. The floor price of CryptoPunks has gradually declined along with the overall market sentiment, whereas BAYC has experienced significant fluctuations and periodic increases during its decline.
BAYC has experienced large fluctuations in its price, partly due to the continuous development and news releases within the BAYC ecosystem, which often influence market trends. Additionally, BAYC has been used for lending purposes, further contributing to its price volatility. These factors have resulted in BAYC's trading volume being significantly higher than that of CryptoPunks, with BAYC's volume being six times larger and whale trading volume being five times larger than CryptoPunks.
These metrics of the two projects undoubtedly represent the overall market trend. Whether it's the steady and gradual decline of CryptoPunks or the turbulent decline of BAYC, both will impact the overall market sentiment.
Mutant Ape Yacht Club & Azuki
MAYC and Azuki, as blue-chip NFT projects in the 10 ETH price range half a year ago, have now both dropped below 5 ETH. MAYC has decreased by 56.70% from 10.60 ETH to 4.59 ETH, while Azuki has dropped by 59.94% from 9.36 ETH to 3.75 ETH.
Overall, MAYC has shown a downward trend amidst continuous fluctuations. The price fluctuations of MAYC are closely related to the price movements of BAYC. In most cases, when BAYC goes up or down, MAYC also experiences corresponding price increases or decreases within a smaller price range.
Before June 23, the price of Azuki flooring showed a slow upward trend. From November 17, 2022, to June 23, 2023, Azuki rose from 9.36 ETH to 16.95 ETH, an increase of 81.09%, thanks to a close-knit community culture and the continuous actions and hotspots of Azuki officials. At the same time, Azuki, Beanz, and many other brands announced the "Follow The Azuki Rabbit" event to be held in LA on April 23 and will launch new NFTs.
However, the positive momentum came to a halt on the 23rd. The newly launched Elementals were criticized for their lack of innovation in design, leading to selling-offs and subsequent exits by some whales and Azuki holders.
VeeFriends & Doodles & CloneX & Moonbirds
VeeFriends, Doodles, CloneX, and Moonbirds, these four blue-chip NFTs in the 5 ETH range half a year ago, have now all fallen to around 1 ETH. VeeFriends fell 71.79% from 5.99 ETH to 1.69 ETH, Doodles fell 75.54% from 5.6 ETH to 1.37 ETH, CloneX fell 79.97% from 5.99 ETH to 1.20 ETH, and Moonbirds fell 82.27% from 6.77 ETH to 1.20 ETH.
These four NFT projects have also declined together in the NFT market, which has been in a slump for the past half year. In terms of percentage drop, VeeFriends experienced the smallest fluctuation, while Moonbirds had the largest.
Meebits & Pudgy Penguins & CoolCats & World of Women & Invisible Friends
Meebits, Pudgy Penguins, CoolCats, World of Women, and Invisible Friends, these blue-chip NFTs in the 1-4 ETH range from half a year ago, except for Pudgy Penguins, have now all dropped below 1 ETH. Meebits has dropped from 2.55 ETH by 62.20% to 0.96 ETH, CoolCats has dropped from 1.94 ETH by 67.32% to 0.63 ETH, World of Women has dropped from 1.51 ETH by 59.43% to 0.61 ETH, and Invisible Friends has dropped from 2.62 ETH by 86.76% to 0.35 ETH. Pudgy Penguins has defied the trend and risen by 47% from 2.49 ETH to 3.67 ETH. In terms of percentage drops, World of Women has experienced the smallest fluctuation, while Invisible Friends has experienced the largest.
It is worth noting that Pudgy Penguins is the only collection among these projects that has seen an upward trend. After some volatility in December 2022, it has stabilized and experienced another minor fluctuation in June. After the NFT market entered a bear market at the end of 2022, Pudgy Penguins also went through a period of downturn. Internal team issues and operational problems led the project into difficulties, with the floor price dropping to a bottom point. The addition of serial entrepreneur Luca Netz has opened a new chapter for Pudgy Penguins, establishing an all-star board of directors and injecting more experience and resources into the project. At the same time, they have launched physical toy products by combining physical and digital experiences through the "Phygital" series.
