New data shows that some of the biggest trending NFT collections of 2022 will suffer an incredible loss in value in 2023. As shared on Twitter by an NFT analyst, prominent NFT collections such as Doodles, Invisible Friends, Moonbirds, and Goblintown have lost up to 95%. Many of these NFTs were highly priced and valued in 2022 but have reduced significantly within the new year.
According to many experts, the recent decrease in NFT collection price shows how the metaverse has lost much value. Compared to its peak years in 2021 and early 2022, the value of the whole digital collectible industry has depreciated massively. Investments in the metaverse, such as the purchase of digital lands, have dipped.
Considering the value of blue-chip NFT collections alone, verified data shows that it has fallen by more than 40% compared to its price in late 2021. A tweet showed the current situation of top NFT collections in the market. According to a Twitter user named HashBastardsNFT, the value of certain NFT collections, such as Doodles, decreased from 23 ETH to only about 2.3 ETH.
Invisible Friends fell from 8 ETH in 2022 to about 1.5 ETH in 2023. Moonbirds appeared to have taken the most hit as its value reduced from 32 ETH to a miserable 2 ETH in 2023. Goblintown also reduced from 6 ETH to about 0.26 ETH. Also, data retrieved from NFTGo shows that the Blue Chip Index went down to 7,446 ETH. Compared to what was recorded in 2022, the Blue Chip Index was at a yearly high of 12,394 ETH.
NFT Investors Remain Unfazed
Despite the consistent price depreciations happening in crypto, NFT investors are still investing in trending NFT collections. Some of them are aware that there's still a chance that the NFT market will still experience further declines, and others believe that the current market situation is the best time to invest in NFTs. The data is available to back this claim as the number of blue chip NFT holders over the past year has increased by more than 90%. This simply shows that despite the decline, more people understand the benefits of holding NFTS and are still keen to invest in the market.
A crypto skeptic Peter Schif recently launched his own Bitcoin NFT collection via the Ordinals. "I'm pleased to announce an art project with one of my favorite artists, Market Price. This collaboration features the original painting “Golden Triumph” as well as a series of prints and Ordinals inscribed on the #Bitcoin blockchain," he wrote on his Twitter page.
I'm pleased to announce an art project with one of my favorite artists, Market Price. This collaboration features the original painting “Golden Triumph” as well as a series of prints and Ordinals inscribed on the #Bitcoin blockchain. For information go to https://t.co/lEFJmgYTCk pic.twitter.com/vyoErYv39q
— Peter Schiff (@PeterSchiff) May 26, 2023
He immediately received criticism for this move as he strongly criticized the crypto industry and, subsequently, the NFT market. Nevertheless, it illustrates how the NFT market still gets investors despite the decline.
Tabi Raises $10 Million for NFT Investment
In other news, Tabi, the transformative NFT marketplace previously known as Treasureland, announced they raised $10 million, part of which will go into NFT gaming.
According to a report, the vast majority of this fund came from angel investors. "The investment round attracted numerous esteemed venture capital establishments such as Animoca Brands, Binance Labs, Draper Dragon, Hashkey Capital, Infinity Crypto Ventures, and Youbi Capital," the report said.