Community consensus loss, NFT blue chip or will experience a big shuffle

23-03-23 09:00
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An overview of the performance of blue-chip projects shows that these NFT are facing a reshuffle crisis.
原文作者: Nancy, PANews

At the moment, there is a quiet divergence among blue-chip NFT. Despite the Gas War, a number of head NFT projects have failed to generate long-term brand narratives and community-enabling growth flywheels that have rendered their value unsustainable, as evidenced by falling prices and transaction volumes.

Trading volume and average price decline, most holders remain diamond players

Despite the collective cooling of the NFT market after its rapid growth, it is still one of the most prominent and important components in the crypto space. As the types of NFT products become more diverse, they are also graded according to market sentiment and potential. Among them, some NFT have become blue chip projects with strong community consensus and operational means, occupying the majority of market shares.

According to NFTGO data, as of March 21, the total market value of NFT (Ethereum only) dropped from the highest $33.25 billion to the current $22.17 billion, a decline of 33.3%; Monthly transaction volume dropped by more than 71.3 percent from a peak of about $3.53 billion to $1.01 billion. The total number of NFT holders has climbed to more than 4.28 million, but the pace of growth has slowed significantly recently, with only 1.9% growth since the start of the year, despite 113.3% growth over the past year. At the same time, the number of monthly traders has also fallen considerably, from a peak of more than 414,000 in the past year to 186,000, a decline of about 55%. At the same time, from the change of the number of buyers and sellers, the number of buyers has shown a slight decline in the past year, while the number of sellers has increased significantly, which means that the purchasing power of the market has decreased significantly, and investors are more willing to sell their NFT assets.

And the overall NFT market downturn in addition to the crypto market bears have a certain relationship, blue chip projects slowing down the market activities and capital flight is also one of the main reasons.  


According to NFTGO, the index of blue-chip projects has dropped by more than 54.7 percent in the past year. At the same time, according to the statistics of the top ten blue-chip projects in terms of sales, the market value of this part of NFT accounts for 33.8% of the overall market. In the past year, however, their average price has dropped by 46.9% on average, while the transaction volume has dropped by more than 13.3%. Among them, Art Blocks, ClONE X, Moonbirds and Doodles all saw average selling prices fall by more than 70 per cent.

In terms of the number of blue chip holders, most of the NFT showed little change, while Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki and CLONE X showed more declines. However, the majority of hodlers in these blue-chip projects are diamond players, with 75.1% of users holding them for more than three months on average.

As a mainstay of the NFT market, blue Chip NFT is regarded as a long-term investment that can generate stable returns. However, will Hodler continue to hold it for a long time under the current unfavorable market performance? Judging from the recent signs, there are already many blue chip NFT business models and operational strategies are causing dissatisfaction among community members.

Several blue-chip projects have sparked community discontent

From initial thought experiments to disrupting business models, the exponential growth in market capitalization is a testament to the recognition of value capture by the outside world. But the recent decline in market cap size also shows that the market is demanding more innovative gameplay from NFT.

Although blue-chip NFT projects have occupied a large advantage, the gap has already opened up. For example, Yuga Labs has built an IP empire and granted the holder full IP commercial use rights, and its several project series occupy a number of seats in the blue-chip NFT plate. After a brief period of success, NFT's such as Moonbirds, Doodles and CLONEX are being questioned by their owners and business models.

For example, Moonbirds has produced a series of NFT projects, open Copyrights and other gameplay, but still unable to return to the glory of the past, the lack of new gameplay is arousing community doubts; The Web2 behavior of Doodles, which did not fully give IP rights directly to individuals, and limited the income from merchandise sales to $100,000, had already aroused the suspicion that it was not Web3 enough. The recent announcement of Doodles 2 project on the Flow blockchain caused further dissatisfaction among investors. Its founder, Jordan Castro, was accused by community members of ignoring the rights of its owners when he announced Doodles would develop from an "NFT project" into a "leading media franchise". Nike's NFT fashion brand RTFKT Studios and artist Takashi Murakami's CloneX were sold after the brand dropped coupons to NFT owners and failed to exchange physical shoes in non-U.S. markets.

The culture and value of the community determine the vitality of the project, and there are many examples of the community culture affecting the success or failure of the project. For NFT projects, long-term inaction will eventually be eliminated by the market, after all, few people can always hold the script of winning in the changeable market. Blur's disruption of the trading market with its liquidity attack is a case in point. At present, NFT application scenarios are constantly being broadened. Whether it is new narrative such as bitcoin NFT and AI-generated NFT project, or new gameplay such as NFTFI and dynamic NFT, it is accelerating the pace of nipping market share, and NFT market is facing a tide of reshuffle.

In short, what distinguishes NFT from small pictures is the value behind them, and community members will capture the value while also supporting the project itself. For these blue-chip projects, it is only a matter of time before they are replaced if they cannot find a new business or development model to achieve differentiated transformation and return project value to the community.

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