NFT Market Update: Major Collections Suffer Price Slump in 2023

2023-5-30 18:30

The non-fungible token (NFT) industry has become a trending digital asset sector. The sector gained significant traction from investors worldwide over the past two years. Even during the extended bearish market of 2022, the industry thrived, gaining more sales volume than in 2021.

However, the trend seems to be changing, with many collections recording important losses in 2023. 

Top NFT Collections In 2022 Lose Their Value in Ether

In 2022, the NFT industry sales volumes rose to impressive heights surpassing the records of 2021. However, most of these popular NFTs lost their value in Ether this 2023.

A crypto analyst, HashBastards NFTs, took to Twitter to list some of the top NFT collections in 2022 that have lost massively this year. 

These NFTs include Invisible Friends, Doodles, Goblintown, Moonbirds, and others. According to the post, these NFTs have lost over 95% of their value in Ether this 2023.

The community-centered collection, Doodles, shows a significant loss between 2022 and 2023. The NFT collections floor price dropped from 23 ETH to 2.3 ETH, indicating a decline of over 90%. 

Data from the popular NFT marketplace, OpenSea, confirms that the Doodles’ floor price is currently at 2.0089 ETH, worth $3,828.92 based on the current market price. 

Other NFTs, Invisible Friends fell from 8 ETH to 1.15 ETH; Moonbirds now stands at 2 ETH, dropping from its 2022 value of 32 ETH, while Goblintown declined from 6 ETH to 0.26 ETH. 

NFTs Are Drawing More Attention Amid Declining Prices

NFTGo released its quarterly report tagged ‘2023 Q1 NFT Market Analysis: An Insider Look’. The report noted that the bearish crypto market trend toward the end of 2022 impacted the NFT space.

Subsequently, blue-chip NFT collections plummeted by more than 40% of their value. The Blue Chip Index declined from its year high of 12,394 ETH in July 2022 to 7,446 ETH in 2023.

However, despite the drastic drop in the value of NFT collections, some investors see the price decline as the right opportunity to accumulate. At the same time, some think it is over for the sector. 

NFTGo data indicated that these holders grew by 90% over the past 12 months. According to the data, while sellers surged 32%, buyers dropped 30%.

Also, new investors are still moving into this space. Peter Schiff, a crypto skeptic, rolled out an NFT project on the Bitcoin blockchain through Ordinals on May 27.

The collection sale will pass through a two-staged auction between June 2 and June 9. The collection, known as ‘Golden Triumph,’ represents a human hand with a bar of gold.

Featured image from Pixabay and chart from TradingView

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