Premier, or “Blue-chip,” NFTs have seen a downward trend over the past month, as highlighted by the crypto data analytics company, Nansen, in a series of tweets on Tuesday.
Using its widely-referenced NFT price performance dashboard as a source, Nansen observed a significant dip in the price floors of several high-profile collections. Notably, collections such as the Bored Ape Yacht Club have experienced a decrease in their price floors by more than 25%.
The price floor of an NFT is the minimum amount at which an item from a particular NFT collection is available for sale on major NFT marketplaces.
According to the data presented by Nansen’s dashboard, DeGods witnessed a steep decline of 55% in the last month. Similarly, Azuki’s value decreased by 36% and it continues to face a downward trajectory, especially after the contentious release of its new collection named Elements.
Here Are the Collections Bucking the Trend
While the overall trend seems to tilt towards a decline, Nansen observed that not all is grim in the NFT space. Contrary to the prevailing downward movement, some collections have demonstrated remarkable resilience and even significant growth.
Nansen highlighted the MiladyMaker NFT collection, which experienced a substantial 66% increase in its price floor. Even more impressively, the Sproto Gremlins NFT collection skyrocketed with an increase of over 250%.
Due to its recent impressive rise, MiladyMaker is now nearing the market capitalization of the well-known Mutant Ape Yacht Club collection.
These considerable upticks over a concise period highlight that, despite the challenges in the broader market, there are still significant success stories and major winners in the NFT realm.
Nansen drew attention to a particular crypto address that made a notable move in the Sproto market. This trader acquired 23 Sprotos 81 days ago, spending 0.03 ETH for each. Intriguingly, the very next day, the same trader procured an additional nine Sprotos at a price that was more than 10 times the previous day’s rate.
As of the latest data from CoinGecko, Sprotos had a price floor standing at 1.15 ETH.
Nansen further pointed out that this savvy trader did liquidate a few of their Sprotos holdings a few days back. Nonetheless, they are still enjoying a profit margin of over 10 times their initial average buying price, showcasing a potential success story in the NFT market’s volatility.
NFT Alternative to Consider – Wall Street Memes ($WSM)
Given the unpredictable nature of the digital asset market, it’s wise for investors to diversify their portfolios.
An emerging NFT option worth noting is a fresh coin introduced by Wall Street Memes, a prominent online retail investing community.
Commanding a following of over a million across various social platforms, Wall Street Memes has often touted itself as “the king of stonks” (a playful term for stocks). Now, they’re venturing into the crypto realm, aspiring to be dubbed “the king of crypto” with the introduction of their meme coin token, $WSM.
The initial offering of $WSM has garnered significant attention, amassing over $25 million. This venture has also received endorsements from numerous established crypto influencers and market analysts.
With the presale set to close in less than 36 days, the clock is ticking for potential investors. This is an opportunity to stake a claim in a token that may rival well-known coins like Pepe Coin, Dogecoin, and Shiba Inu.
(Note: This description is for informational purposes. Investors should conduct their own due diligence before making any investment decisions.)
