Investments in top NFT projects like Doodles, Invisible Friends, Moonbirds and Goblintown have lost as much as 95 percent of their value in Ethereum.
Some of 2022’s most sought-after NFT collections have suffered major losses this year. Investments in NFT collections such as Doodles, Invisible Friends, Moonbirds and Goblintown have lost up to 95 percent of their value in Ethereum. However, the value of blue-chip-only NFT collections dropped by more than 40 percent on average.
NFT Sellers Increase, Buyers Decrease 30%
Data from NFTGo shows that the Blue Chip Index has dropped to 7,446 ETH from its annual high of 12,394 ETH in July 2022.
Surprisingly, despite all these declines, NFT investors remain unaffected by the continued decline in value. While some expect further and prolonged depreciation in NFT prices, a handful of investors believe it is the right time to invest as they expect a return.
Contrary to all this, the number of blue-chip NFT owners has increased by more than 90 percent in the past year. During this time, sellers increased by 32 percent while buyers decreased by 30 percent.
Despite the financial setbacks, the NFT ecosystem continues to attract the attention of new investors. On May 27, crypto expert Peter Schiff launched an NFT project on the Bitcoin blockchain through Ordinals. Schiff introduced the Golden Triumph NFT collection, which depicts a human hand holding a gold earring. The collection will be put up for sale through a two-part auction starting on June 2 and ending on June 9.
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