The NFT market has seen a slight rebound since the beginning of the year, but it is still struggling to fully recover from the effects of the crypto winter. Despite this, some blue-chip NFT collections have managed to outperform the rest and have seen significant gains in their floor prices and market caps.
One such collection is Milady NFT, which has seen its floor price rise from 0.28 ETH in June 2022 to the current level of 2.67 ETH. This has boosted the market cap for the collection from about $5 million to over $50 million. The collection even reached an all-time high market cap of about $83 million in May 2023.
Another collection that has seen impressive growth is Captainz NFT. After a brief dip in January, the floor price of the collection rallied from 3.51 ETH to reach an all-time high of about 9.65 ETH. This pushed the market cap above $183 million, and although the floor price has since decreased, the collection is still valued higher than it was in January.
Pudgy Penguins NFT has also experienced a steady rise in market capitalization. A $9 million seed round led by 1KX boosted the market value of the collection to a new all-time high of about $96 million. Although there has been a decline in market capitalization over the past few weeks, the collection is still valued at about $64 million, significantly higher than its valuation in June 2022.
On the other hand, several other collections have seen declines in floor prices, resulting in massive drops in their market capitalizations. The Bored Ape Yacht Club, for example, has experienced a decline of more than 60% in market capitalization, falling from about $1.7 billion in June 2022 to about $645 million currently. Other collections by Yuga Labs, such as the Mutant Ape Yacht Club, Bored Ape Kennel Club, Otherdeed by Otherside, and Meebits, have also seen significant decreases in market capitalization.
Azuki NFT Collection and its sister project Beanz have also faced declines in market value. The floor price of Azuki NFTs plunged after the launch of the Elementals NFT, causing its market cap to decline from about $192 million to about $130 million. Beanz’s market value also fell from about $51 million to about $16 million.
DeGods and y00ts NFT collections have remained relatively stable in terms of market caps, with only slight changes over the past few months. Clone X NFT Collection, on the other hand, has been one of the worst-performing collections, with its market cap dropping from about $378 million to less than $65 million in the past year. Doodles and Moonbirds Collection have also experienced significant drops in market value.
Overall, the NFT market has shown mixed results since the crypto winter. While some blue-chip collections have managed to achieve significant gains in market caps, others have faced declines. It will be interesting to see how the market continues to evolve in the coming months.
