“Blue-Chip” NFTs Have Been Struggling, But Here Are The Collections Bucking the Trends

Meme coin NFT Wall Street Memes

Author

Michael Davis

Author

Michael Davis

About Author

Crypto market analyst & on-chain data enthusiast. Breaking down trends, narratives & cycles in BTC, alts, and macro. 🧠 Deep dives, smart money moves & alpha for the coming bull run. Stay ahead of...

Author Profile

Share

Copied

Last updated: 

October 23, 2023

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

So-called “Blue-chip” NFTs have been struggling over the course of the last 30 days, crypto data analytics firm Nansen stated in a tweet thread on Tuesday.

The last 30 days haven't been kind on NFTs…

Many of the "Blue-Chip" NFTs have seen their floor price drop by more than 25%, with Azuki's continuing to decline since their Elementals launch

But it's not all bad, as some NFTs have been breaking the down-only trend… pic.twitter.com/2xeVu84uJs

— Nansen 🧭 (@nansen_ai) August 22, 2023

Citing its popular NFT price performance dashboard, Nansen noted that many major collections, including the likes of the Bored Ape Yacht Club, have seen their price floors drop by more than 25%.

An NFT’s price floor is the lowest price at which a member of an NFT collection is listed at across major NFT exchanges.

As per Nansen’s dashboard, DeGods lost 55% in the last 30 days, while Azuki is down 36% as it continues to drop in wake of its controversial launch of a new collection called Elements.

Here Are the Collections Bucking the Trend

However, its not all bad, Nansen noted, pointing to a few major collections that have been breaking the down only trend.

Notably, @miladymaker have seen their floor price increase by 66% and is incredibly close to overtaking MAYC

However, @sprotogremlins, the NFT of choice for BITCOIN holders, have increased by a staggering 262% over the past 30 days pic.twitter.com/z7cVuRBfB4

— Nansen 🧭 (@nansen_ai) August 22, 2023

Nansen points to the MiladyMaker NFT collection, which has seen its price floor go up 66% and the Sproto Gremlins NFT collection, which has shot up by over 250%.

In wake of its recent surge, the former is now close to eclipsing the market cap of the Mutant Ape Yacht Club collection.

With such large gains in such a short space of time, there have been some big winners.

Nansen highlights an address that bought 23 Sprotos 81 days ago at a price of 0.03 ETH each, only to then buy another nine at a price over 10x higher the next day.

Sprotos last had a price floor of 1.15 ETH, as per CoinGecko.

Nansen notes that the smart money trader did sell a few Sprotos a few days ago, and remains over 10x up on its initial average purchase price.

NFT Alternative to Consider – Wall Street Memes ($WSM)

It’s always smart for digital asset investors to hedge their bets, given the unpredictability of the market.

One excellent NFT alternative that investors should consider is a new coin being launched by Wall Street Memes, one of the internet’s largest retail investing communities.

Wall Street Memes, with its over 1 million following across various social media channels, has traditionally described itself as “the king of stonks” (stocks for the uninitiated), but is also looking to claim the crown of being “the king of crypto”, with the launch of its very own meme coin token $WSM.

The presale of $WSM has been a resounding success, with over $25 million raised, and dozens of major crypto industry influencers and analysts backing the coin for major success.

And investors are running out of time to get involved, with the presale scheduled to end in under 36 days.

Get in now on a token that could match or even surpass the likes of Pepe Coin, Dogecoin and Shiba Inu.

Buy $WSM Here

^{Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.}