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- The current floor price for the Bored Ape Yacht Club (BAYC) Collection is 114.3 ETH ($325,000 at today’s price). The average selling price has dropped significantly since the beginning of May, according to the analysis. However, the average selling price will continue to rise through 2022.
- The $1.6 trillion level has proven to be firm support, with repeated rebounds. The most recent retest occurred on April 30, resulting in a 5% increase. However, the future remains bleak, given that the whole crypto market’s worth is down 43% from its all-time peak in November 2021.
- Bitwise CEO Hunter Horsley shared YTD performance numbers for several of the crypto asset management firm’s funds on Twitter. The Bitwise DeFi Index (Uniswap, Aave, and Maker are the top three contributors) had the most dramatic loss, at -53 percent.
The Bitwise Blue-Chip NFT Index is holding up against expectations, according to Bitwise CEO Hunter Horsely’s YTD performance data. Crypto markets are battling against a background of macroeconomic vulnerability. However, Bitwise fund performance data reveals that NFTs are holding up well in the face of uncertainty.
Cryptocurrencies Marketplaces Are Under Pressure
Since the beginning of April, crypto markets have been in a notable decline. The total crypto market cap has dropped $448 billion from its local high of $2.1 trillion during this time. Investor sentiment has shifted risk-on due to broader macroeconomic considerations, according to analysts. And, because cryptocurrencies are often seen as high-risk investments, others believe the bear market has already begun.
Since mid-February, the $1.6 trillion level has proven to be firm support, with repeated rebounds. The most recent retest occurred on April 30, resulting in a 5% increase. However, the future remains bleak, given that the whole crypto market’s worth is down 43% from its all-time peak in November 2021.
Bitwise CEO Hunter Horsley shared YTD performance numbers for several of the crypto asset management firm’s funds on Twitter. The Bitwise DeFi Index (Uniswap, Aave, and Maker are the top three contributors) had the most dramatic loss, at -53 percent.
Surprisingly, the Bitwise Blue-Chip NFT Index (Bored Ape Yacht Club, CryptoPunks, and Mutant Ape Yacht Club are the top three constituents) was the sole fund in the black. One Twitter user commented on the funds’ YTD performance, saying that a situation in which NFTs rescue our portfolios would have been absurd a year ago.
If you told someone a year ago that all equities and crypto would fail, but NFTs would save our portfolios, they would have laughed so hard. Jpegs for the sake of jpegs, or the ultimate status symbol? While it’s true that non-fungible tokens are used for more than simply digital artworks, the argument over their use remains.
Is It The NFTs That Are Slowing Things Down
According to a recent Bloomberg report, the average selling price of NFTs has dropped from $6,900 on January 2, 2022, to less than $2,000 by the beginning of March, indicating that the market is cooling. Furthermore, total daily average sales have dropped from $160.2 million on January 31, 2022, to $26.2 million on March 3, 2022.
This pattern, however, does not appear in the top-tier NFT collections. The current floor price for the Bored Ape Yacht Club (BAYC) Collection is 114.3 ETH ($325,000 at today’s price). The average selling price has dropped significantly since the beginning of May, according to the analysis. However, the average selling price will continue to rise through 2022.
As a result, the data suggests a market split. While the average price and volume of NFT sales are declining, top-tier collections such as BAYC are defying the trend. Will top-tier NFTs, on the other hand, continue to outperform as the year progresses
ALSO READ: Why bitcoin and other crypto assets are expected to consolidate after the Fed meeting?
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
