Legacy blue-chips decline collectively, NFT market slump prompts community reflection
TechFlow Selected TechFlow Selected
Legacy blue-chips decline collectively, NFT market slump prompts community reflection
The overall market rises broadly, but the NFT market continues to decline.
Navigating Web3 tides with focused insightsAuthor: Joyce
Over the past month, the broader market has seen widespread gains, with Bitcoin and ETFs hitting record highs. Sectors like memes and AI have also generated numerous high-return opportunities, while the NFT market appears to have entered a "winter."
Blue-chip NFTs keep falling, lending protocols face liquidation risks
BlockBeats news: Over the past week, floor prices of blue-chip NFTs have generally declined—BAYC dropped 19% in seven days, DeGods' floor price fell over 40%; Pudgy Penguins, LilPudgys, and Azuki saw 7-day declines between 10%-20%.
This trend has persisted for more than a month. In the last 30 days, blue-chip NFT floor prices have continued to fall, with most seeing drops exceeding 30%. The floor prices of Pudgy Penguins and BAYC have both fallen from above 20 ETH to around 13 ETH.
According to data from the NFT lending protocol BendDAO, 70 BAYC NFTs are nearing liquidation on the platform—10 currently have health factors below 1.05, and another 14 have health factors under 1.10. Meanwhile, over 40 Azukis also have health factors below 1.10.
Over the past month, ETH has surged from $2,500 to surpass $4,000, yet NFTs priced in ETH have continued to decline. In this new bull market, ETH's strong rally is barely offsetting the losses incurred by holding ETH-denominated blue-chip NFTs.
Extending the timeline reveals that this month’s drop isn’t surprising—over the past year, the star NFTs once beloved during the previous bull run have shown irreversible weakness.
Since 2023, BAYC plunged from 75 ETH to around 22 ETH in just over half a year. Accusations that “NFTs are dead” have surfaced repeatedly. In August 2023, BAYC holder bunny posted: “I’ll ** if BAYC falls below 15 ETH.” Although the floor price later rebounded to 30 ETH, it never broke past 50 ETH.
Considering that period was still within a bear market, many community members pinned hopes on BAYC’s revival in the next bull cycle. Now the bull market has arrived—but BAYC has broken below 15 ETH. Bunny, once a staunch BAYC holder, tweeted today: “The BAYC price chart makes me want to kill myself.”
Mad Lads stands alone amid stark market contrast, prompting reflection across NFT community
Ryan Selkis, founder of crypto research firm Messari, wrote last week: “Meme coins are more democratized and equitable than NFT collections. That’s why they’re 5-10x larger in scale than NFTs.” Two weeks ago, Sleepy, founder of WeirdoGhostGang, wrote: “I don’t think those (PFP) projects failed because of the ‘building IP’ narrative, but rather due to project teams’ inaction or lack of capability... Building IP isn’t done with words—you can’t expect returns without investment and effort.”
Christian, partner at NDV Ventures, stated today on social media that broad NFT declines caused him to lose 4,000 ETH—equivalent to $15 million. Still, he remains confident in the NFT market: “It’s not a big deal. Looks like dawn will come later than I thought.”
Among blue-chip NFTs, Solana-based Mad Lads stands out. On February 19, MADLADS NFT floor price surpassed 200 SOL. At time of writing, its floor price stands at 182 SOL, representing a gain of over 450% in the past six months.
The steady rise in Mad Lads’ floor price is primarily driven by support from the Backpack ecosystem and airdrop incentives for holders.
On February 28, Backpack raised $17 million in a strategic Series A round at a $120 million valuation, led by Placeholder, with participation from Hashed, Robot Ventures, Amber Group, Wintermute, Jump Crypto, Selini Capital, Delphi Digital, and individual investors including Solana’s founders and founders of other Solana ecosystem projects such as Jito, Zeta Markets, Drift, Monad, and Galxe.
During last year’s Backpack Exchange campaign where users staked SOL to receive PYTH airdrops, Mad Lads holders were eligible for the maximum allocation. This year, Mad Lads holders were also included in airdrop distributions for high-profile projects like Dymension and Wormhole.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
BlockBeats
