Blue Chip NFTs Worth The Label? A case study from BAYC, CryptoPunks

Up 2% over the past seven days, the Blue Chip Index revealed some growth in the performance of Blue Chip NFTs over the past week.

according to NFTGoThe Blue Chip Index is calculated by weighting the market capitalization of Blue Chip NFT kits to determine their performance.

So let’s take a closer look at the performance of the two best Blue Chip NFT packages – Boredom Monkey Yacht Club (BAYC) and CryptoPunks – during the above period.

BAYC IS KING?

A few weeks ago, the ongoing decline in the general cryptocurrency market drove the Ethereum price of the BAYC NFT group to 65 ETH.

According to the information received from NFT Floor PriceThis is the lowest level the NFT project has reached since the beginning of the year. At 72.5 ETH at the time of writing, BAYC’s bottom price has strengthened by 7% over the past seven days.

Despite the fact that Ethereum (ETH) lost 7% of its value during the aforementioned period, BAYC saw a rise in its sales volume. According to the information received from NFTGoBAYC had total sales of $13.54 million, up 11.58% over the seven-day period.

However, despite the growth in the sales volume of the Blue Chip NFT group, its market value failed to register any growth. Instead, it’s down 0.45%.

In addition, 101 sales transactions involving BAYC NFTs were completed within a 7-day period. This represents a 7.45% increase in the group’s sales bill over that period.

In addition to sales, the number of transactions for sending or receiving NFTs from the pool also increased by 36%. In addition, BAYC’s Liquidity Ratio, which measures the relative liquidity of the NFT group, also increased by 7%.

I have just been exposed!

During the period under review, CryptoPunk’s NFT pool performed differently. While the minimum price has risen by only 1% over the past seven days, it has consistently fallen by 3.52% over the past two weeks.

With just $2.73 billion in sales recorded last week, CryptoPunks’ sales volume is down 35%. Like BAYC, its market capitalization is also down 2% on the charts.

Additionally, the group’s sales figure declined by 18% during the reporting period. With only 102 sent and received transactions completed during the seven-day period, a 27% drop was recorded in this regard.

With 0.26% recorded as liquidity over the past seven days, the group’s liquidity ratio decreased by 19%.

So far this year, CryptoPunk’s NFT minimum price is down about 20%, according to data from NFT Price Floor open.

However, it continues to lead by capturing 9.59% of the entire NFT market.