Blue chip Non-Fungible Tokens (NFTs) such as Bored Ape Yacht Club, CryptoPunks, Azuki, Doodles, Pudgy Penguins, and Cool Cats, which have historically performed well, are now seeing a notable drop in value. Recent activities in the NFT space uncover this massive devaluation.
Bored Ape and Pudgy Penguins Leads Devaluations
According to Wu Blockchain, data from Blur indicates that NFT prices have plummeted significantly in the last 24 hours. Both Bored Ape Yacht Club (BAYC) and Pudgy Penguins have dropped below the 10 ETH floor price mark.
Bored Ape Yacht Club floor price stood at 9.10 ETH, representing a 12.41% drop within the past 24 hours. On its part, Pudgy Penguins crashed by 16.07% to 8.58 ETH. Of the top ten blue-chip NFTs, only Milady recorded an increase in ETH trading price with a 3.53% rise for a floor price of 4.99 ETH.
According to Blur, NFT prices have fallen sharply in the past 24h, with BAYC and Pudgy Penguins both falling below 10 ETH. Pudgy Penguins is facing a large number of liquidation auctions, and there are more than 130 Pudgy Penguins in auction status in Blend.…
— Wu Blockchain (@WuBlockchain) June 18, 2024
For reference, at its peak, the Bored Ape NFTs were worth over 100 ETH floor price. At the time, it was only reserved for the high networth individuals including footballers and celebrities.
Additionally, Pudgy Penguins are experiencing a high number of liquidation auctions, with over 130 Pudgy Penguins currently in auction status on Blend.
Understanding Blue Chip NFTs
Blue chip NFTs are unique, verifiable, and authentic blockchain tokens representing both digital and physical assets. Just like blue chip stocks, these digital assets are of high value and low risk. In the crypto world, blue chip NFTs generally maintain their value and profitability over the long term.
Experts maintain that despite their historical stability, the recent market trends suggest that even blue chip NFTs are not immune to significant devaluation. This development may trigger concerns among investors and collectors about the future stability of these high-value digital assets.
Notably, Bored Ape Yacht Club NFTs are highly sought after in the crypto ecosystem. In early May, a malicious actor targeted a BAYC holder through a phishing scam. The Bored Ape Yacht Club NFT holder lost three valuable variants worth 54.85 ETH at the time of the incident.
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