Blue chip NFT performance fails recovery, but investors HODL even harder

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The market performance of non-fungible tokens (NFTs), often considered a good long-term investment, has revisited its all-time low range for the second time since June 2022 – dropping below 10,000 Ethers (ETH) in the blue chip index held by NFTGo. .

The blue chip NFT marked its best performance not too long ago, on April 29th, reaching nearly 14,900 ETH. However, June 13 was the worst performing day in NFT history, when the index fell to 9,331 ETH – mainly driven by a floor price adjustment on the CyberKongz and CyberKongzBabies projects.

Blue Chip NFTs Performance Indicator. Source: NFTGo
In the last 30 days, more than 53% of NFT investors lost short positions. Despite the apparent cold market sentiment, the number of investors who own their investment in NFT continues to rise.

The investor behavior pattern shows an increase in long-term stockholders. Source: NFTGo
Nearly 500,000 users joined the growing pool of NFT investors in June and July alone intending to keep it long-term, bringing the number of its holders to over 3 million at the time of writing. Of all the classes of NFTs, PFP (Picture Proof) NFTs have the largest market capitalization of $13.95 billion.

Previous leaders such as collectibles, toys, and art NFTs together account for approximately $6.7 billion in market value.

Related: OpenSea introduces new anti-theft NFT policy

By taking proactive action to combat illicit activity via NFT deals, the NFT OpenSea Marketplace has announced plans to design policies around the sale of stolen NFTs on its platform.

OpenSea admitted that buyers inadvertently bought stolen items and were punished for not doing something wrong on their part. As a result, the market adjusted its policy to expand the use of police reports in identifying threats.

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