NFT collections suffer significant price drop in 2023

Some of the most popular non-fungible tokens (NFTs) in 2022 have decreased significantly in value over the past year. This trend is similar to the decline in value of metaverse properties in 2023, which were considered prime virtual real estate for investment in 2022.

Investments in top NFT projects such as Doodles, Invisible Friends, Moonbirds, and Goblintown have lost up to 95% of their value in Ether (ETH). The value of blue-chip NFT collections alone has fallen by an average of over 40%.

The biggest NFTs of 2022 have had a TOUGH 2023. Doodles… 23 ETH 2.3 ETH Invisible Friends… 8 ETH 1.15 ETH Moonbirds… 32 ETH 2 ETH Goblintown… 6 ETH .26 ETH pic.twitter.com/5Fr9BMhmkg

— HashBastards NFTs (@HashBastardsNFT) May 21, 2023

Data from NFTGo shows that the Blue Chip Index dropped to 7,446 ETH from its yearly high of 12,394 ETH in July 2022.

Surprisingly, NFT investors remain unphased by the ongoing decline in value. While some expect further and prolonged depreciation of NFT prices, a handful of investors believe it is the right time to invest, as they anticipate a comeback.

On the contrary, the number of blue-chip NFT holders has increased by over 90% in the past year. During this time, sellers increased by 32% while buyers decreased by 30%.

Related: Bitcoin price hits $27.2K, but new analysis warns more losses ‘likely’

Despite the financial setbacks, the NFT ecosystem continues to attract new investors. On May 27, crypto skeptic Peter Schiff launched an NFT project on the Bitcoin blockchain via Ordinals.

BREAKING: ORDINALS ENJOYERS MANAGE TO ON-BOARD PETER SCHIFF TO BITCOIN IN 3 MONTHS; LASER-EYES SEETHING AFTER FAILING TO GET HIM TO JOIN FOR 10 YEARS pic.twitter.com/rbWPhXJYD2

— Udi Wertheimer ‍♂️ (@udiWertheimer) May 26, 2023

Schiff unveiled the “Golden Triumph” NFT collection, which depicts a human hand holding a bar of gold. The collectibles will be sold via a two-part auction starting on June 2 and ending on June 9.

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