Established blue chips collectively fell, and the decline in the NFT market prompted community reflection

The market has generally risen in the past month, with Bitcoin and ETFs hitting record highs. The craze in the meme and AI sectors has also created many high-return opportunities, but the NFT market seems to have entered a "cold winter."

Old blue-chip NFT continues to fall, and lending protocols face liquidation risks

BlockBeats news, recent week , blue-chip NFT floor prices generally fell, with BAYC falling 19% on the 7th, and DeGods floor prices falling more than 40% on the 7th; Pudgy Penguins, LilPudgys, and Azuki also experienced 7-day declines of 10%-20%.

But this situation has lasted for more than a month. In the past month, the floor price of blue-chip NFT has been falling continuously, with a drop of more than 30%. The floor prices of Pudgy Penguins and BAYC both fell from over 20 ETH to around 13 ETH.

According to NFT lending agreement BendDAO Information shows that 70 BAYC are on the verge of liquidation on the platform. Currently, the health of 10 BAYC is less than 1.05, and the health of another 14 BAYC is less than 1.10. At the same time, there are over 40 Azukis with less than 1.10 health.

In the past month, ETH It has risen from US$2,500 to over US$4,000, but NFTs priced in ETH have continued to fall. In the new bull market, ETH’s impressive gains are almost outweighing the losses caused by blue-chip NFTs priced in ETH.

If you extend the time scale, you will realize that this month’s decline is not surprising. In the past year, the last bull market was The star NFTs that are the darlings of the crypto community have already suffered an irreversible decline.

Since 2023, BAYC has fallen from 75 ETH to around 22 ETH in more than half a year. Questions about "NFT is dead" occur from time to time. BAYC holder bunny once posted in August 2023 that "I will ** if BAYC falls below 15 ETH." After that, although the floor price of BAYC did rise to 30 ETH, it has been There is no breakout of 50 ETH.

Considering that it was still a bear market at the time, many community members pinned their expectations for BAYC's return to glory on a new bull market. But the bull market has arrived, and BAYC has fallen below 15ETH. Bunny, who once firmly held BAYC, tweeted today that "the chart of BAYC's trend makes me want to commit suicide."

Mad Lads stands out in the market The strong contrast caused the NFT community to reflect

Ryan Selkis, founder of the encryption research institution Messari, wrote last week that "Meme coins are more civilian and equal than NFT collections. This is why their scale is 5-10 times larger than NFT." Two weeks ago, WeirdoGhostGang founder Sleepy wrote an article saying, "I think the reason why those (PFP) projects failed is not because of the narrative of "making IP", but because Inaction or lack of ability on the part of the project party. … Making IP is not done with words. Without investment and effort, how can there be any rewards? 》

Related reading: "Thinking about the "IP Narrative" of PFP NFT: Tired of hearing it, too many failures = worthless, wrong path? 》

Christian, a partner of NDV ventures, also said on social platforms today that the general decline of NFT caused a loss of 4,000 ETH, equivalent to US$15 million. But Christian still has confidence in the NFT market, "It's not a big deal. It seems that dawn is later than I thought."

Among blue-chip NFTs , Solana ecological NFT Mad Lads stands out. On February 19, the floor price of MAD LADS NFT exceeded 200 SOL. As of the time of writing, its floor price is 182SOL, which has increased by more than 450% in the past six months.

Mad Lads floor price can The steady increase is mainly due to the endorsement of the Backpack ecosystem and the airdrop incentives of holders.

Backpack completed a strategic Series A round of financing of US$17 million at a valuation of US$120 million on February 28. This round of financing was led by Placeholder and included Hashed, Robot Ventures, Amber Group, Wintermute, Jump Crypto, Selini Capital, and Delphi Digital participated in the investment, and individual investors include the founders of Solana and the founders of other Solana ecological projects including Jito, Zeta Market, Drift, Monad, and Galxe.

In last year’s Backpack Exchange event of staking SOL to obtain PYTH airdrops, Mad Lads holders could obtain the largest amount of PYTH, and this year’s popular projects Dymension and Mad Lads holders are also included in Wormhole’s airdrop details.

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