BAYC fell below 15 ETH, Ethereum blue-chip NFT fell more than 30% in a month, is the old narrative completely over?

Original - Odaily

Author - Nan Zhi

A week ago, Blur data showed that the floor price of MAYC fell below the mint price (that is, the Dutch auction price of 3 ETH), with a quote of 2.99 ETH, a drop of 26.4% on the 7th, and BAYC also fell to 18 ETH. In the past week, the Yuga series NFT has been unable to rebound and continues to decline. As of the time of publication, the floor price of BAYC has dropped to 14.7 ETH, and MAYC has dropped to 2.3 ETH.

In addition, a series of NFTs based on the Ethereum network also experienced sharp declines. Odaily compiled some of the leading projects based on Blur market data as follows. A total of 7 projects are included in the table. Except for the strong price of Milady, all have fallen sharply in the past month, with an average decline of 19.7%. If Milady is not included, the average decline is 41.9%.

liquidation begins

NFT lending protocol BendDAO data shows that multiple Yuga series NFTs have entered liquidation, including 9 BAYC, 21 MAYC, and 11 KODA.

In addition, Blur’s Blend module has seen more NFTs entering auction liquidation. According to Odaily statistics, a total of 72 BAYC and 127 MAYC have entered the auction. In addition, NFT series that have fallen more such as DeGods have 105 auctions, Moonbirds has 50, and Azuki has 58.

Bitcoin NFT ecosystem is thriving

On the other hand, the Bitcoin NFT ecosystem, which is still in its early stages, is showing an ascendant trend. Among them, the floor price of the leading NodeMonkes was once close to 1 BTC. Its market value exceeded 550 million last week and rose to the third place in the NFT market value ranking, surpassing At that time, Pudgy Penguins (US$453 million) and MAYC (US$246.5 million) have now fallen in price, ranking fourth with a market value of 325 million.

In addition, in addition to the former leader Bitcoin Frogs, which was born in March 23, a series of new Bitcoin NFTs have gradually matured and begun to become mainstream NFT series, including Bitcoin Puppets, Quantum Cats, etc. Odaily summarizes the trends of some of the top NFTs in the Bitcoin ecosystem as follows. Among them, Natcats has increased by about 1000% based on early prices, and has fallen by 55% in the past 7 days.

It can be seen that compared with a month ago, NFT in the Bitcoin ecosystem has experienced a large-scale explosion recently. Although it has retraced somewhat, the overall trend is still growing. According to CoinGecko data, among the top 30 NFTs by market value, 5 series already belong to the Bitcoin ecosystem.

in conclusion

Among the current top 30 NFT projects by market value, in addition to Ethereum and Bitcoin networks, there are only two NFTs belonging to other networks, Mad Lads and Bad Kids, which shows the booming trend of Bitcoin NFTs.

The decline of Ethereum comes from the lack of new narratives and new applications. Ordinals was originally born for NFT, but in essence it is still an escape from PFP and community stereotypes. Funds are flowing to Bitcoin NFT, but whether it can achieve long-term development and get out of the Different development paths remain to be seen.