Is the price of "Blue-Chip NFTs" justified?
September 02, 2022Blue-Chip NFTs showed a 2% increase in cost over the past week. The Blue-Chip NFTs index is calculated by analyzing the crypto market value of the entire Blue-Chip collection.
Do they really deserve all the attention and such a high price? To get more reliable data, look at the Bored Ape Yacht Club (BAYC), which is part of the collection.
A couple of months ago, the crypto world entered a period of winter, which caused cryptocurrencies and NFT to go into a downturn. During this period of crypto winter, the value of coins and NFT reached the lowest this year. However, the value of BAYC increased despite the base coin Ethereum losing 7% of its value.
Blue-Chip NFT sales were up 11.5% in the last week, which increased not only the market value of the collection, but also the liquidity and capitalization score.
Based on MarketCap data, BAYC represents 7.3% of the entire NFT market, making it the second-largest NFT collection. Judged strictly by the Blue Chip collection, BAYC is among the most successful projects.
Be careful when using cryptocurrencies and NFTs. Their value is constantly fluctuating, and it is almost impossible to predict the future outcome. Before investing, conduct an in-depth analysis of the project.
