ETH price drop has led to an influx of buyers for bad guys, monkeys and doodles

ETH price drop has led to an influx of buyers for bad guys, monkeys and doodles

But are they buying the dip or hedge in a bear market?

The price of ETH continues to drop, but NFT fans see value in premium combinations as everyone finds a way to weather the storm. The past 24 hours have not been kind to most people who own cryptocurrency and NFT. But if you do your research and look at the numbers, there are chances to cut your losses.

summary

This week, making money is not the main priority for crypto enthusiasts and NFT collectors. Minimizing our losses so as not to lose too much is the short-term goal. The goal in the medium term is to put yourself in a position to thrive when things change and this bear market becomes a thing of the past.

The value of ETH in dollars has fallen by 20% in the past 24 hours. The great BTC has fallen by 12% in the same period. Terra struggles are all over the news, and the platform’s premium LUNA has dropped in value by a staggering 97% in a single day. At the time of writing, it is down at $0.03, after starting the week at $65.

Amid the bad news, there are people finding ways to reduce damage, and some finding solace in blue chip NFT kits. These have also suffered from dips in the dollar, which is not surprising given how turbulent this week has been. But they haven’t gone down as much as cryptocurrencies. Because of this, they can act as a store of value that is much safer than falling coins.

Kryptoponics

  • group size: 10000
  • 24-hour average drop in average selling price: 12.5%
  • Current Average Selling Price: $126,480
  • Trades in the last 24 hours: 29
  • Trading activity in the last 24 hours: 314.3% increase
  • Link to the group

Perhaps the most secure blue chip, CryptoPunks was launched by Larva Labs on Ethereum in June 2017. On March 11, 2022, Yuga Labs acquired CryptoPunks and immediately handed over the full commercial rights of NFT to its holders.

People minted CryptoPunks for free, only paying the Ethereum gas fee which was small at the time. Since then, prices have definitely gone up. Shalom McKenzie made CryptoPunk #7523 the most expensive one when he bought it at Sotheby’s for $11.75 million.

The reason why CryptoPunks are so expensive has to do with rarity and heritage. It is a true OG and predates the implementation of the ERC-721 token standard. This means that NFT was in existence before the development of NFT. For any collector to keep a Punk piece is so desirable that even in a true bear market, they can still maintain the value.

Doodles

  • group size: 10000
  • 24-hour average drop in average selling price: 15.6%
  • Current Average Selling Price: $39,350
  • Trades in the last 24 hours: 117
  • Trading activity in the last 24 hours: 34.5% increase
  • Link to the group

As with CryptoPunks, the average selling price of your doodles has decreased. Similar to CryptoPunks as well, the average selling price of Doodle NFTs has not decreased as much in the past 24 hours as ETH. This means that if you bought Doodle 24 hours ago, you will lose less money than if you were to hold the cryptocurrency and watch it go down.

The same is true for the past seven days. The dollar value of Doodles NFTs is down 15.6% over the past week while ETH is down 33.4% in the same period.

Doodle was released on October 17, 2021, so it’s not a legendary group in the context of CryptoPunks or CryptoKitties. But the project came from the brains of three artists involved in the latter, who have looked to empower the doodle community from the start. It is this level of commitment from her dedicated fan base that has helped preserve the value of doodles during this challenging period.

bored monkeys

  • group size: 10000
  • 24-hour average drop in average selling price: 13%
  • Current Average Selling Price: $225,870
  • Trades in the last 24 hours: 37
  • Trading activity in the last 24 hours: a decrease of 41.3%
  • Link to the group

While all metrics for the Bored Apes Yacht Club project have fallen, the average selling price of NFTs has not fallen as much in the past 24 hours as the price of ETH. Bored Monkeys are probably the most well-known NFTs outside the blockchain community, so it’s no wonder that they have held their value relative to the low ETH.

Bored Apes was launched on April 23, 2021 and has a long list of celebrity owners. Snoop Dogg, Jimmy Fallon, Justin Bieber, Paris Hilton, Madonna, Neymar, Eminem, and Steve Aoki are some of the people who have a monkey in their wallet. Even with a 13% average sales price drop and a floor of $181,410, Bored Apes are still out of reach for the vast majority of people. Things must get worse for most people to be able to buy one.

It is interesting to note that the circulation of bored monkeys has decreased by 41.3% which indicates that the community is hoarding at the moment. This may be due to both the high volume of trading and selling prices in the lead up to the land deed at Otherside and now people are hesitant to sell their NFTs at a huge loss. We’ll be keeping an eye on boring monkeys trading activity over the next few weeks to see how things turn out.

Some of the larger groups that have lost value in relation to ETH

mutant monkeys

String analyzes for Mutant Ape NFTs are down across the board. The average selling price is slightly below the drop in the price of ETH, down 22% compared to 20% for ETH. The 20,000-copy collection is from the Bored Ape collection and shares many of the strengths of its older siblings.

She has a strong community, has celebrity fans, and has great PR and marketing. But it is also not rare and not in great demand. Perhaps for these reasons, its value has decreased further, and more people are selling it. In the last 24 hours, 172 deals were made for Mutant Apes compared to only 37 deals for Mutant Apes.

X . clone

The average sale price of Clone X NFTs is down 32.4% in the last 24 hours. This represents a much larger drop than ETH over the same period and is one of the largest among the larger groups.

Project Clone X consists of 20,000 next-generation avatars and comes from a collaboration between designer Takashi Murkami and RTFKT Studios. Across every scale on the string, the group fell. Clone X’s total value decreased 32.2% to $430.54 million, representing a dollar value loss of $205.79 million in 24 hours.

azuki

We should also mention the Azuki NFT group. The average sale price is down 26.9% over the past 24 hours but the floor price is up 10.6%. With quite a bit of discrepancy between the floor price and the average selling price, it seems like most people are trying to get rid of the Azuki while they still can. It also seems that some people are sweeping the floor in the hope that its value will rise in time.

Unfortunately for Azuki, there are other reasons for the depreciation of NFTs, which you can read about here.

Smart Tactics in Tough Times

We don’t know for sure if collectors are buying blue chip NFTs as a hedge against cryptocurrency depreciation, or acquiring them while they are temporarily on hand. It’s likely a combination of the two, but it seems like a smart move by the most experienced investors in the blockchain community to cut their losses where they can and ride the storm.

Here at DappRadar we will keep a close eye on the NFT rankings and our analytics pages to see which groups are viable. We will also focus on cryptocurrency prices and hopefully some of these red numbers will turn green.

Stay tuned to our blog as we bring you the latest news and tune in to our Off-Blockchain podcast every Thursday at 4PM UTC where we discuss everything from NFT projects to DeFi and the metaverse.

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