NiftyNoon: Do NFT Blue Chips Really Exist?

NFT traders shift capital to “blue chip” NFT projects as the overall market recovers (June 5, 2023)

Nifty Thought

• With the NFT market showing some signs of recovery amongst major collections, many have begun to move capital toward “safer” NFT projects billed as “blue chips”.  As veteran NFT collector Nate Alex points out, the term “NFT blue chip” is a bit of an oxymoron. Although some NFT collections such as Chromie Sauiggles and CryptoPunks are generally viewed as safer bets in the NFT space, they should still be regarded as highly risky and highly volatile assets. Take, for example, the supposed NFT blue chips of the last bull run. Projects such as Doodles, Moonbirds, and even Bored Ape Yacht Club experienced massive (in some cases more than 95%) declines in floor price despite once being labeled as NFT blue chips.

• Early players dying out is not unique to NFTs. Long-time market participants will recognize this same pattern across the history of technology with even early pioneering Web 1.0 websites such as AOL, Yahoo, and Prodigy dying off. While some early Web 1.0 participants did see success, they were aberrations by any definition of the word. To paraphrase Peter Thiel: the market cares not about who moves first but who moves last. With that being said, the crypto provenance of a collection like CryptoPunks is almost undeniable. However, the cultural relevance of this provenance is highly contingent on future NFT buyers valuing the same things current NFT buyers do. This is possible, perhaps even likely, but hardly inevitable.

Highlighted News

• natealex shares thoughts on next wave of “blue chips”:

  

  https://twitter.com/natealexnft/status/1665168965520224257?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Ordinals Protocol just updated; what it means:

  

  https://twitter.com/huuep/status/1665378836564029440?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

Project and Community News

• Pacman announces Blur will adjust the points system so that users who take risks are properly rewarded (eta next week):

  https://twitter.com/pacmanblur/status/1664624527198879745?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• OpenSea Pro announces Proceeds-Based Listings upgrade:

  https://twitter.com/openseapro/status/1664676980925530116?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Quick technical breakdown of the 3 coolest things about de[id] v0.1 by @dust_labs:

  https://twitter.com/frankdegods/status/1665129770491981824?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• SWOOSH first-ever virtual collections sale is now over, with 97K+ OF1 Boxes sold to 53K different SWOOSH IDs:

  https://twitter.com/dotswoosh/status/1664747383572291585?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• 0n1 force Official Thread:

  https://twitter.com/0n1force/status/1664421565469999104?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Cloudy Bay announces partnership with @worldofwomennft:

  https://twitter.com/cloudybay/status/1664288147688288260?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Atomic wallet investigating compromised wallets situation:

  https://twitter.com/atomicwallet/status/1664946301815910400?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• EtherRock 80 purchased for 130 ETH ($248,184):

  https://twitter.com/etherrock/status/1664767439744249857?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

Quick Stats:

• OpenSea Daily Volume: 2,257 ETH (▼ 3.67%)

• Blur Daily Volume: 9,957 ETH (▼ 20.27%)

• BTC: $26,781.61 (▼ 1.63%)

• ETH: $1,869.44 (▼ 1.94%)

• Solana: $21.58 (▼ 0.27%)

• Polygon: $0.89 (▼ 1.9%)

NFT Daily Winners:

• 🧝🏼‍♀️ DigiDaigaku: 3.46 ETH (▲ 8.12%)

• ⛩️ Azuki: 17.56 ETH (▲ 2.63%)

• 🥔 Potatoz: 3.08 ETH (▲ 2.50%)

• 🧟 Mutant Ape Yacht Club: 10.02 ETH (▲ 1.52%)

• 🦉 Moonbirds: 2.14 ETH (▲ 0.90%)

• 🐧 Pudgy Penguins: 4.77 ETH (▲ 0.50%)

• 🧬 Clone X: 2.71 ETH (▲ 0.37%)

• 🦧 Bored Ape Yacht Club: 46.69 ETH  (▲ 0.34%)

• 🏳️‍🌈 Chromie Squiggles: 10.90 ETH (► 0.00%)

NFT Daily Losers:

• 🏴‍☠️ Captainz: 9.57 ETH (▼ 0.53%)

• 🚬 CryptoPunks: 51.99 ETH (▼ 1.81%)

• 🐈‍⬛ VeeFriends: 1.99 ETH (▼ 2.93%)

• 🌈 Doodles: 2.30 ETH (▼ 2.93%)

• 🥃 Proof Collective: 7.70 ETH (▼ 3.75%)

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