Blue Chip News

A CryptoPunk NFT investor sold at a $10 million loss as top NFT collections struggle to recover from their 2021 highs amid falling trading volumes.

The floor prices for some of the largest NFT collections sunk to nearly two-year lows, but have started to edge up in the past 24 hours.

Traditional finance companies are boosting their engagement with Ethereum-based real-world asset protocols, resulting in RWAs outperforming DeFi blue chips.

"We only support blue chip NFTs to reduce the risks," said Paraspace developers.

In the last 30 days, over 53% of NFT investors made losses on sale trades. Despite the cold market sentiment, the number of investors that hold their NFT investments continues to rise.

Data on the most well recognized nonfungible token projects show that key metrics have fallen with floor prices and market capitalization over the past month.

Most of the NFT market is in a downtrend, but data shows funds continuing to flow into blue-chip tier projects.

Blue Chip NFT collections such as Azuki, Clone X and Doodles are leading the steady growth of a market that has traded over $17 billion since 2020.

Galaxy Digital founder and CEO Mike Novogratz was unfazed by the firm’s $175.8-million loss as he emphasized the importance of digital asset adoption.