Are Blue-Chip NFTs worth the label?

In the last 7-days, Blue Chip NFTs have witnessed a 2% growth. The Blue Chip Index of the NFTs is calculated by weighing the market cap of the Blue Chip NFT collection.

So, do they really deserve this name? To put it into a much clearer perspective, we’ll look at the BAYC, Bored Ape Yacht Club, which ranks as a Blue Chip NFT collection.

Blue Chip NFT: Bored Ape Yacht Club (BAYC)

A few weeks ago, the BAYC took a downturn because of the overall crypto market performance, especially ETH. This collection dropped to 65 ETH. Undoubtedly, this year is the lowest price level we’ve witnessed in this collection so far.

However, the price went up by 7% in the last seven days despite the fact that Ethereum shed around 7% of its overall value.

This crypto collection’s sales increased 11.58% within the last seven days. However, despite this uptick, its overall market cap failed by 0.45%. Apart from the sales, this Blue Chip NFT collection has over 101 sales transactions, an increase of about 7.45% within that period. On top of that, the liquidity rate of this collection also witnessed a 7% increase at the time of this writing.

By MarketCap, BAYC collectively represents 7.36% of the overall market in the NFT world, making it the second largest NFT collection. And from the definition of Blue Chip NFTs, BAYC ranks among the top successful projects. So, of course, this collection lives up to its name.

However, you need to be cautious when handling NFTs, even the Blue Chip ones. As you can see, their price is still all over the place. Before investing in any blockchain project, do enough research before investing your money. Even the most successful ones come at a cost, and you must be willing to pay it before you invest in it.

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