BBLU: Taking another look at EA Bridgeway’s Energetic Blue-Chip Core ETF (NYSEARCA: BBLU)
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NFT Market Sees Major Shuffles Amid Blue-Chip Drops, Surprising Rises
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The nonfungible token domain, ever changing in its dynamics, has witnessed valuation and demand fluctuations in the preceding 30 days, according to research from Nansen posted on Twitter.
The last 30 days haven’t been kind on NFTs…
Many of the “Blue-Chip” NFTs have seen their floor price drop by more than 25%, with Azuki’s continuing to decline since their Elementals launch
Azuki, a previously steadfast name in the NFT arena, has experienced a dip, especially in the wake of their Elementals launch. Contrastingly, collections such as Milady Maker have steered away from this general downturn, registering a notable 66% rise in floor price.
This surge is positioning them on the heels of seasoned tokens, including Mutant Ape Yacht Club. But, standing apart from the crowd is Sproto Gremlins. Specifically designed for Bitcoin enthusiasts, this token has reported an astronomical 262% growth within a month.
Nansen points out that out of the top 20 holders, there are no smart money addresses — what Edward Wilson, social media manager of Nansen, told Crypto Briefing describes as “those who bought a certain no. of NFTs from a collection in a single day, spending a minimum threshold value [from] at least 3 different NFT collections” — this time around and at the top of the list a “legendary NFT collector” proudly sits.
The absence of “smart money addresses” from this list could signal a turn in the NFT market. Wilson further told Crypto Briefing that “Across the NFT market, we’ve seen a steady decline in NFT volume and prices from their peak. Many NFTs have seen their floor price drop by over 90%, causing their holders to lose significant money.”
A previous smart money address has diversified its NFT holdings — the highest ranked smart money holder of the NFT [and] are outside the top 20 holders,” as their portfolio is not diversified — with 21 Sprotos now in its possession. Their purchase strategy included a large acquisition 81 days back at an average of 0.03 ETH and subsequent acquisitions the following day at 0.32 ETH each.
They did sell a few for a small profit 11 days ago, sent a few to @NFTX_, and some more to another address 5 days ago (not sold)
With the current floor price of 1.6 ETH, this is looking like another very profitable trade to add to the collection for this smart money trader… pic.twitter.com/6jMQUMgT5P
Wilson further remarked that “combined with fewer new market participants entering the market, and returning buyers being where they were back in Dec 2021, this trend downwards for NFTs more broadly is only likely going to continue as investors seek to cash out.”
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“Blue-Chip” NFTs Have Been Struggling, But Here Are The Collections Bucking the Trends
NFT / Source: Adobe
So-called “Blue-chip” NFTs have been struggling over the course of the last 30 days, crypto data analytics firm Nansen stated in a tweet thread on Tuesday.
Citing its popular NFT price performance dashboard, Nansen noted that many major collections, including the likes of the Bored Ape Yacht Club, have seen their price floors drop by more than 25%.
An NFT’s price floor is the lowest price at which a member of an NFT collection is listed at across major NFT exchanges.
However, its not all bad, Nansen noted, pointing to a few major collections that have been breaking the down only trend.
Nansen points to the MiladyMaker NFT collection, which has seen its price floor go up 66% and the Sproto Gremlins NFT collection, which has shot up by over 250%.
In wake of its recent surge, the former is now close to eclipsing the market cap of the Mutant Ape Yacht Club collection.
With such large gains in such a short space of time, there have been some big winners.
Nansen highlights an address that bought 23 Sprotos 81 days ago at a price of 0.03 ETH each, only to then buy another nine at a price over 10x higher the next day.
Sprotos last had a price floor of 1.15 ETH, as per CoinGecko.
Nansen notes that the smart money trader did sell a few Sprotos a few days ago, and remains over 10x up on its initial average purchase price.
NFT Alternative to Consider – Wall Street Memes ($WSM)
It’s always smart for digital asset investors to hedge their bets, given the unpredictability of the market.
One excellent NFT alternative that investors should consider is a new coin being launched by Wall Street Memes, one of the internet’s largest retail investing communities.
Wall Street Memes, with its over 1 million following across various social media channels, has traditionally described itself as “the king of stonks” (stocks for the uninitiated), but is also looking to claim the crown of being “the king of crypto”, with the launch of its very own meme coin token $WSM.
The presale of $WSM has been a resounding success, with over $25 million raised, and dozens of major crypto industry influencers and analysts backing the coin for major success.
And investors are running out of time to get involved, with the presale scheduled to end in under 36 days.
Get in now on a token that could match or even surpass the likes of Pepe Coin, Dogecoin and Shiba Inu.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Blue-chip NFTs hit hard as over 1,200 liquidations rock market
The NFT market experienced a significant shock in the past three days, with over 1,200 NFTs being liquidated due to a record-low plunge in the floor price of several prominent or ‘blue-chip’ NFTs
Data from the NFT analysis site, Snow Genesis, shows that hundreds of NFTs used as collateral for loans are at risk of being liquidated. While some of these debts have been repaid, several NFTs have already been listed for auction. The table below shows the most recent NFT liquidations from Snow Genesis as of press time.
Source: Snow Genesis
CirrusNFT, Wumbo Labs, noted that several investors who took loans on their blue chips NFT, including Azuki, CloneX, MAYC, and BAYC, were impacted during the period. Beanz NFT collection saw the most liquidation as 636 of its NFTs—3% of its total supply— were affected.
Cirrus said the pace of these liquidations was alarming, highlighting the daily average for last year to be between 10-15 NFTs. However, He added:
“Good news is that the rate of liquidations has slowed drastically over the last few hours and there aren’t a crazy amount of underwater loans left.”
NFTs floor price tank
Over the past week, the floor price of several NFT collections massively plunged despite the upward price movement across the broader crypto market.
Bored Ape NFTs floor price crashed below 30 ETH on July 2, its lowest value since October 2021, before recovering to its current worth of 31.5 ETH, according to Coingecko data.
At its peak, Bored Ape NFTs sold for over 500 ETH, with several A-list celebrities, including Justin Bieber spending over $1 million on one of the collections.
Azuki also recorded substantial losses for its holders following the shoddy release of its Elementals collection. The floor price of the collection fell by more than 20%, with its community members proposing to sue its founder Zagabond for 20,000 ETH.
Meanwhile, other blue-chip NFT collections like DeGods, Pudgy Pegions, Azuki Elementals, and BAKC, Moonbirds also took significant hits to their value during the reporting period.
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