BAYC, MAYC, Moonbirds NFT collection down by 55 per cent: DappRadar

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In the last 30 days, Blue-chip NFTs such as CryptoPunks, Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC) and Moonbirds have seen their floor prices and market capitalisation go down by more than fifty per cent.

Blue-chip NFTs are categorised as the most popular NFTs by market capitalisation— and are the least volatile. Some of the Blue-chip NFTs are OpenSea chart-topping collections like Azuki, Clone X, and Doodles. Notably, these NFTs are considered good long-term investments due to their track record of growth and value.

Among the four top collections, MAYC has been the worst, with floor price plunging by 55 per cent. The more popular BAYC has fallen over 47 per cent and CryptoPunks by almost 49 per cent.

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Read more |Art, gaming NFTs perform poorly, Metaverse NFTs propel growth in Q1: Report

The only collection that witnessed some growth was Moonbirds, up 22 per cent. It is worth noting that all the three collections plunged into market capitalization.

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Macy’s market capitalisation went down by 71 per cent, while Moonbird’s market cap has fallen by 55 per cent and BAYC and CryptoPunks were down 62 per cent and 51 per cent, respectively.

Meanwhile, a new NFT collection called Goblintown, which is free-to-mint was launched on May 22, now has a $50 million market cap and is in the top 30 NFT collections. Interestingly, the NFT collection states that it has“No roadmap. No Discord. No utility.”

Goblintown has a market cap of $23 million only in the last seven days, according to DappRadar, even beating out collections such as Otherdeeds and the Bored Ape Yacht Club.

Read more |Let’s bust 5 biggest myths about cryptocurrency

The collection consists of 9,999 goblins. It should be noted that the team behind Goblintown  is secretive and often posts seemingly nonsensical tweets from the official Twitter account.

Earlier, in April the NFT market witnessed significant growth in the first quarter of 2022, outperforming the cryptocurrency market, according to blockchain analytics firm Nansen. Art NFTs are the most volatile and poor performing segment of the NFT market. Nansen categorises land and real-estate NFTs, avatars and utility NFTs under the Metaverse segment.

The report highlighted that the Blue Chip-10 index returned 42.4 per cent growth, Metaverse-20 index grew by 129.4 per cent in Q1. The Gaming-50 index was the worst-performing NFT sector, recording a decline of 24.4 per cent. This was fueled largely by Play-to-Earn and Role Playing Game NFTs.

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