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Some of the most sought-after non-fungible tokens (NFTs) of 2022 have plummeted in value over the past year. The trend reflects the depreciation of metaverse properties in 2023, which were considered the best virtual lands to invest in 2022.
Investments in leading NFT projects including Doodles, Invisible Friends, Moonbirds and Goblintown lost up to 95% of their Ether (ETH) value. The value of blue chip NFT collections alone has fallen by more than 40% on average.
The biggest NFTs of 2022 have had a TOUGH 2023.
Doodles…
23 ETH 2.3 ETHInvisible Friends…
8 ETH 1.15 ETHMoonbirds…
32 ETH 2 ETHGoblintown…
6 ETH .26 ETH pic.twitter.com/5Fr9BMhmkg— HashBastards NFTs (@HashBastardsNFTs) May 21, 2023
NFTGo data shows that the blue chip index has fallen to 7,446 ETH from an annual high of 12,394 ETH in July 2022.
Surprisingly, NFT investors are not worried about the continued decline in value. While some expect further and extended declines in NFT prices, a handful of investors believe now is the right time to invest as they expect a return.
On the contrary, the number of NFT blue chip holders has increased by more than 90% over the past year. During this time, the number of sellers increased by 32%, while the number of buyers decreased by 30%.
Related: Bitcoin Price Hits $27.2K, But New Analysis Warns More Losses ‘Likely’
Despite financial setbacks, the NFT ecosystem continues to attract the attention of new investors. On May 27, cryptocurrency skeptic Peter Schiff launched an NFT project on the Bitcoin blockchain through Ordinals.
BREAKING: ORDINALS ENJOYERS MANAGE TO ON-BOARD PETER SCHIFF TO BITCOIN IN 3 MONTHS; LASER-EYES SEETHING AFTER FAILING TO GET HIM TO JOIN FOR 10 YEARS pic.twitter.com/rbWPhXJYD2
— Udi Wertheimer ♂️ (@udiWertheimer) May 26, 2023
Schiff presented the Golden Triumph NFT collection depicting a human hand holding a gold bar. The collectibles will be sold in a two-stage auction starting on June 2nd and ending on June 9th.