BTC here has broken a new high and is gaining momentum. Over there, NFT hit new lows and was dejected.
NFT blue chip plummets
Looking at the data from the trading platform Blur, the 7-day price of these top NFTs has fluctuated as much as Nobody, even with the halo of Stephen Chow, falling 42%. The former overlord of the NFT world, Boring Monkey BAYC, fell 19%.
The above are the top 10 blue-chip projects by market value of NFT projects provided by Opensea. Their floor prices are appalling. Price fluctuations over the past 90 days alone are as follows: in ETH
BAYC: 30 dropped to 15
MAYC: 3.4 down to 2.3
Azuki: 8.3 down to 4
CryptoPunks: 64 down to 50
Pudgy Penguins: first rose from 9 to 20, then fell to 14
Moonbirds: 1 down to 0.9
Doodle: 2 rose to 3.5, fell to 1.8
Overall, the decline was severe. Contrary to the current bull market situation in which the entire crypto market is bravely reaching new highs, it is an absolute bear market and a cold winter.
KOL BTCdayu (@BTCdayu) posted on Twitter: "The NFT that we have been thinking about has maintained a 7-day average decline of 20%, which also makes me reflect on the illusions we have had in the NFT bull market: NFT comparable properties: value preservation Increase in value. BAYC is a house in the center of New York. Holding high-quality NFT means it can resist the decline of ETH and can also absorb the double helix of rising ETH and rising NFT. Now, I only feel nothingness..."
Once upon a time, Twitter had the avatar of a boring ape. In addition to being a symbol of wealth, it also had the distinction of being a top player in the crypto community. Today, some players said: Who still uses a boring ape as an avatar? It’s shameful.
Bunny is an active NFT KOL in the Boring Monkey community and Twitter. Previously, he boldly said: "If the monkey falls below 15 ETH, it will eat shit."
As a result, the monkey really only wanted 15 ETH. Another KOL joked that this was a symbol of the bottom of NFT.
Why did NFT blue chips plummet?
In the opinion of NFT KOL wale.moca (@waleswoosh), there is a reason why NFT, especially Ethereum NFT, has plummeted.
1. The opportunity cost of bull market is high. First of all, trading NFTs often requires investing a large amount of capital, which will greatly reduce the efficiency of capital use.
2. Airdrop is not an effective solution. The market is bleak, and the matryoshka airdrop is not effective.
3. The high volatility of the crypto market and speculation in the new rather than in the old. Solana chain NFT and BTC inscription seize market space.
The high gas fees of the Ethereum network. High GAS fees discourage investors from trading and reduce liquidity.
Is it really the above reason?
Christian2022.eth @Christianeth said: “Can’t open @blur_io anymore because every time I see fp from BAYC and MAYC my heart dies. ETH NFT woes can only be solved by blue chip projects. I hope they do this this year do something.
This may be what many people think. The real reason why NFT blue chips have plummeted is that these blue chip project parties who have made enough ETH are not doing anything.
What are NFT blue chips doing? Few people know that their voices cannot be heard in the market.
If blue chips fall, will NFT die? Obviously not.
“In addition to blue chips, there are many innovative projects that are making waves in the ETH NFT space. degentleman (@degentlemaan) said.
In fact, NFT has become the infrastructure of the encryption industry. From the core indicators of project airdrops, to game props, to project identity credentials, NFT itself is everywhere.
In particular, NFTs in gaming projects not only did not fall, but many projects even broke new highs. Including like ultimate, Matr1x, etc.
The bleak performance of NFT blue chips actually reflects that PFP blue chips, which only emphasize the so-called community, culture and other concepts, are losing their market. After all, the PFP blue-chip culture can play better, and the MEME coins in cryptocurrency can play better.
The embarrassing part is that currently, the activity of KOLs on Twitter who previously focused on NFT has been greatly reduced, and some have switched to other tracks. Such as PEPEP. Today, the top NFT has fallen like this, but there are actually very few people talking about it. 
Is the NFT market over?
NFT has fallen like this. Has it reached the bottom? Can it be buy the dips? Will the market get better? The Followin platform has some high-quality articles that present the present and future of the NFT market.
The overall feeling is that NFT blue chips are losing a lot of blood. NFT may be giving birth to new stories. Only by diving into it can you get big profits. Pay attention to NFT projects that have high-quality cultural attributes and continue to be built, are functional in the project, and may have token airdrops, perhaps the 24-year-old Alpha.
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