coindesk.com
Some of the best-known “blue-chip” non-fungible tokens (NFTs) have seen their floor prices decline by more than 25% in the last month, according to Nansen.ai data.
NFTs are a special type of crypto asset that provide its holder ownership over a real or digital asset. The floor price in NFTs refers to the minimum price a seller wants for an item in a collection, serving as an indicator of a collection's popularity and perceived value.
However this metric can be manipulated and does not always accurately represent the true market value of an $NFT, with other factors like rarity traits and market conditions causing variations in prices.
On-chain data shows that the Bored Ape Yacht Club collection’s floor price has declined by 27% while DeGods is down by 55%. Azuki, which sold out its ‘Elementals’ $NFT mint in 15 minutes in June, ranking in $38 million in the process, saw its floor prices drop by 36%.
Meanwhile, the Nansen $NFT-500 index is down 40% year-to-date, while its Blue Chip 10 index is down 33%.
While ether prices usually dictate the value of NFTs, values have dropped faster than the currency they are usually denominated in. Ether is down 9.6% on-month, and is up 1.9% during the last year, according to CoinDesk Indices data.
However, it isn’t all bad news in the $NFT market. Some lesser-known collections have seen gains.
The floor price of Miladays has risen by 66%, approaching Mutant Ape Yacht Club, Nansen explained in a tweet thread, while Sproto Gremlins, which has a following amongst bitcoin HODLers, has surged 262% over 30 days.