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NFT Market Plunge is Astonishing, CoinGecko Founder: Is it Better to Stake ETH than Buy Blue-Chip NFTs?

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NFT Market Plunge is Astonishing, CoinGecko Founder: Is it Better to Stake ETH than Buy Blue-Chip NFTs?

Co-founder of the cryptocurrency analysis platform CoinGecko, Bobby Ong, quoted from their report stating that mainstream blue-chip NFTs have dropped by over 60% against ETH. Should we still call these NFTs "blue-chip"?

Is it Better to Stake ETH than to Buy Blue-Chip NFTs?

Bobby Ong, based on a report released by CoinGecko on July 24th, pointed out that so-called blue-chip NFTs have experienced price drops ranging from 60% to 90% just this year.

The ones that have held up the best are Pudgy Penguins at -46% and CryptoPunks at -60%.

The ones with the highest drops are Moonbirds at -96%, World of Women at -95%, and Cool Cats at -95%.

This has left Bobby Ong wondering if the best strategy for investors is to do nothing at all and simply stake ETH to earn more ETH.

Note: Data as of July 19th

Even Bigger Drop Against USD

Bobby Ong also mentioned that when calculated in USD, the drop in ETH would be even greater, leading to a larger decline.

However, the report notes that the top 5 blue-chip NFTs are still relatively stable:

  • CryptoPunks

  • BAYC

  • Mutant Ape Yacht Club MAYC

  • Azuki

  • Pudgy Penguins

On the other hand, the other 6 NFT projects may no longer be considered blue-chip, as both their floor prices and liquidity have been decreasing over time:

  • VeeFriends

  • Clone X

  • Moonbirds

  • Doodles

  • Cool Cats

  • World of Women

All 11 of these blue-chip NFTs are PFP projects, the most popular category in the NFT bull market. The report concludes that this may indicate that the next NFT bull market will be dominated by different narratives and project types.