‘Blue-chips’ halve in value, free-to-mint Goblintown NFT volume surges

“Blue-chip” nonfungible token (NFT) collections have seen their floor prices and market capitalization slide over the past 30 days, with some of the most well-recognized projects halving in value for these key metrics.

Data collected on key Ethereum NFT projects by DappRadar shows the floor prices of established collections such as CryptoPunks, Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC) and Moonbirds are at most down around 55% over 30 days.

The MAYC is the worst off of the four, with the floor price diving 55% to 16.7 Ether (ETH), or $31,300 at the time of writing. The more popular BAYC has fallen over 47% to 86.7 ETH, or $163,000, and CryptoPunks by almost 49% to 45 ETH, $85,000.

The only collection to gain in the month was Moonbirds, up 22% with a 19.6 ETH floor price, roughly $37,000 at the time of writing.

While the floor price for Moonbirds may be up, its market cap has fallen 55% to $368 million. The others have also tumbled, with the biggest losses being the MAYC, down over 71% to under $610 million, while BAYC and CryptoPunks were down 62% and 51%, respectively.

Despite the falling metrics, the collections still continue to dominate the top NFT sales over the past 30 days, with the most expensive being a BAYC NFT sold for 410 ETH on May 5, worth about $1.2 million at the time.

Free-to-mint collection tops charts

A free-to-mint NFT collection called Goblintown launched on May 22, now commands a nearly $50 million market cap and is in the top 30 NFT collections.

Despite the website stating that the NFTs have “No roadmap. No Discord. No utility,” Goblintown is in second place for volume over the last seven days at nearly $23 million, according to DappRadar, beating out collections such as Otherdeeds and the Bored Ape Yacht Club.

The collection features 9,999 goblins, which debuted without any real marketing, fanfare or the usual hype-building for an NFT project. The team behind Goblintown is not known and often post seemingly nonsensical and crude tweets from the official Twitter account.


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