Who is going up against the trend in the resumption of NFT cycle rotation?

Like the crypto market, NFT also has its own rotation cycle. In November 2022, the trading volume of the NFT market also experienced a trough, with the daily trading volume being about 5 kETH. In these two bear market cycles, after more than half a year of changes, how have the top NFTs performed? Which NFTs are falling? Which NFTs have gone against the trend and risen?

Comprehensive look at the comparison between the average holding rate and the pending order rate of the top NFTs. Judging from the average number of holdings, Degods has the largest average number of holdings, about 3.45, followed by Meebits, about 3. CryptoPunks’ order placement rate ranks first at about 10.81%, followed by CloneX, and Veefriends and Meebits have the lowest order placement rates.

Next, we selected blue-chip Collections with similar floor prices around November 2022, and compared their trends in the first half of the year, from which we can find that the floor price of CryptoPunks is still above 30 ETH. Bored Ape Yacht Club came to over 20 ETH. And 6-20 ETH has become a blank area. Projects with floor prices around 4+ ETH include MAYC, DeGods, Azuki, Captainz, Memeland, Milady and Pudgy Penguins.

Among these projects, Pudgy Penguins was the only one to see a significant increase in floor price, around 47.39%. On the other hand, the floor prices of "Invisible friends" and "Moonbirds" have fallen the most.

CryptoPunks & Board Ape Yacht Club

CryptoPunks and BAYC were both top projects on the 50 E+ track last year, but they also fell as the market entered a bear market. In the past half year, CryptoPunks fell by 26.31% from 64.96 ETH to 47.87 ETH, while BAYC fell by 56.36% from 55.89 ETH to 24.39 ETH.

It can be seen from the floor price that CryptoPunks has a relatively stable trend compared to BAYC. The floor price of CryptoPunks dropped gently with the overall market sentiment, while BAYC experienced large fluctuations and periodic increases during the decline.

BAYC's fluctuations are large. On the one hand, it is due to the continuous construction of the BAYC ecosystem and news release. Every time new news appears, it will affect the market trend. On the other hand, part of BAYC is used for lending. These factors make BAYC's trading volume much higher than that of CryptoPunks. Its trading volume is 6 times that of the latter, while the trading volume of Giant Whale is 5 times that of the latter.

The indicators of these two projects undoubtedly represent the trend of the entire market. Whether it is the steady and gentle decline of CryptoPunks or the volatile decline of BAYC, it will affect the overall market sentiment.

Mutant Ape Yacht Club & Azuki

MAYC and Azuki, which were blue-chip NFT projects in the 10 ETH price range half a year ago, have now both dropped below 5 ETH. MAYC fell 56.70% from 10.60 ETH to 4.59 ETH, while Azuki fell 59.94% from 9.36 ETH to 3.75 ETH.

Overall, MAYC is showing a downward trend amidst constant ups and downs. The rise and fall of MAYC's floor price is also closely related to the rise and fall of BAYC's price. In most cases, when BAYC rises or falls, MAYC also rises or falls with a relatively small price range.

Before June 23, Azuki floor prices showed a slow upward trend. From November 17, 2022 to June 23, 2023, Azuki has increased by 81.09% from 9.36 ETH to 16.95 ETH, which is also attributed to the close community culture, and Azuki officials have continued to have new moves and hot spots in the past half a year. At the same time, Azuki and Beanz have co-branded with many brands, and also announced in April that the "Follow The Azuki Rabbit" event held in LA on June 23 will launch a new NFT.

However, the good momentum came to an abrupt end on the 23rd. The newly launched Elementals were criticized for being unoriginal in terms of design, causing some whales and Azuki holders to sell out and leave one after another.

VeeFriends & Doodles & CloneX & Moonbirds

VeeFriends, Doodles, CloneX, and Moonbirds, four blue-chip NFTs that were in the 5 ETH range more than half a year ago, have now all fallen to around 1 ETH. VeeFriends dropped 71.79% from 5.99 ETH to 1.69 ETH, Doodles dropped 75.54% from 5.6 ETH to 1.37 ETH, CloneX dropped 79.97% from 5.99 ETH to 1.20 ETH, and Moonbirds dropped 82.27% from 6.77 ETH to 1.20 ETH.

These four NFT projects also fell together in the context of the NFT market's continued downturn in the past half year. Judging from the drop ratio, VeeFriends has the smallest fluctuation, while Moonbirds has the largest fluctuation.

Meebits & Pudgy Penguins & CoolCats & World of Women & Invisible Friends

Meebits, Pudgy Penguins, CoolCats, World of Women, and Invisible Friends, all of which were blue-chip NFTs in the 1-4 ETH range more than half a year ago, have now all fallen below 1 ETH, except for Pudgy Penguins. Meebits dropped 62.20% from 2.55 ETH to 0.96 ETH, CoolCats dropped 67.32% from 1.94 ETH to 0.63 ETH, World of Women dropped 59.43% from 1.51 ETH to 0.61 ETH, and Invisible Friends dropped 86.76% from 2.62 ETH to 0. 35 ETH, Pudgy Penguins bucked the trend and rose 47%, from 2.49 ETH to 3.67 ETH. Judging from the drop ratio, the one with the smallest fluctuation is World of Women, while the one with the largest fluctuation is Invisible Friends.

It is worth noting that Pudgy Penguins is the only collection among these projects that has gone against the trend. After some fluctuations in December 2022, it leveled off, and there was another small rise and fall in June. After the NFT market entered a bear market at the end of 2022, Pudgy Penguins also experienced a period of downturn. Internal team problems, as well as problems with operating methods, caused the project to be in trouble, and the floor price once fell to the bottom. The addition of serial entrepreneur Luca Netz opened a new chapter for Pudgy Penguins, establishing an all-star board of directors and injecting more experience and resources into the project. At the same time, the "Phygital" series combines physical and digital experiences and launches physical toy products.