Popular NFT collections drop enormously in price

A large number NFT collections, including very popular ones, have dropped in price considerably. NFT projects such as doodles, Invisible Friends, Moonbirds and goblintown have lost up to 95% of their value.

NFTs and Metaverse less popular

Some of the biggest NFT collections of 2022 have taken quite a beating over the past few months. With price drops of up to 95% percent in ethereum (ETH), the average NFT collector loses several thousand euros. The average value of blue-chip NFT collections, collections that are designed to be a stable investment and should hold their value, is also down 40%.

Metaverse projects see similar problems. A Metaverse is a virtual world that can be entered with virtual reality. The virtual world then acts as an alternate reality in which players can do anything. For example, in large metaverse projects it is possible to buy pieces of virtual land as an NFT. According to a study by Coingecko however, the average value of such a piece of land has also fallen by about 90%. A piece of land in the most expensive Metaverse project Otherside was still 7.50 last year ETH (€13,000). Now that is only 1.09 ETH (€1,900).

NFT investors hope for a comeback

Nevertheless, the huge price drop of the NFTs does not seem to deter investors. Hoping for a comeback, NFTs are being purchased en masse. The number of holders of blue-chip NFTs has increased by more than 90% over the last few months. On the other hand, the number of sellers increased by 32% while the number of buyers decreased by 30%, leading to a sales surplus.

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Strikingly launched crypto hater Peter Schiff recently his own NFT collection, against all odds. On Twitter, the American stock exchange trader and CEO of Euro Pacific Capital announced that he would start the NFT collection in collaboration with Market Price. The NFT Collection Launches on the Bitcoin (BTC) Blockchain and contains one real painting with 50 versions of it as NFT. The auction is expected to start on June 2.

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