A recent market dip has led to a significant drop in the base prices for some of the most substantial nonfungible token (NFT) collections, reaching near two-year lows. However, a slight recovery has been noticed over the past 24 hours.
The most substantial NFT collections, colloquially termed ‘blue chip’ NFTs, have seen their lowest price tokens undergo a steep drop in value over the past week, hitting nearly two-year lows. Among these, the Bored Ape Yacht Club (BAYC) collection by Yuga Labs, second in market cap according to CoinGecko, reached a base price of 27.7 Ether ETH $1,958 ($54,200) on July 3 – a level last seen in September 2021. Other leading collections such as Mutant Ape Yacht Club (MAYC), Azuki, CryptoPunks, and DeGods also experienced similar downturns.
In the last day, however, NFT holders have seen a slight recovery, with most top collections experiencing a rise in base prices. The most significant gain was observed in the Azuki Elementals collection, boasting a nearly 32% increase.
In a separate development, Credit Suisse, the Swiss-based bank, announced on July 3 its venture into NFTs. Collaborating with the Swiss Football Association, the bank plans to release 756 Ethereum NFTs. All proceeds will be used to support women’s soccer in Switzerland. This move is a first for the bank, offering the NFTs via its CSX app, which is newly equipped to handle digital assets—no crypto or crypto wallet required.
Moreover, each NFT represents a player from the Swiss Women’s National Team, offering various perks and benefits based on their rarity. There are three levels of rarity, with prices ranging from around $170 for the most common, to over $11,000 for the 11 rarest NFTs.
Conversely, Melania Trump, the former First Lady of the United States, is witnessing slow sales for her all-American Solana NFT collection, released in advance of the Independence Day celebrations. Out of 3,000 NFTs issued on June 29, only 586 have been sold, excluding an additional 500 that will be released for sale on July 4.
Each NFT design in the “1776 Collection” incorporates patriotic symbols and is being sold for $50 each. Every design has a different audio track embedded that plays a patriotic song.
Dior, the French luxury brand, has discreetly included NFTs in its latest product release. The company recently unveiled a new line of shoes, one style of which comes with a “digital twin”. Described by Dior as “a unique and secure digital creation on the Ethereum blockchain”, this “digital twin” is, in fact, an Ethereum-based NFT.
In other news, PeckShield, a blockchain security firm, found that half of stolen NFTs are sold within three hours on platforms like OpenSea and Blur. Also, French luxury brand Hermès won another victory in its infringement case against “MetaBirkin” NFT artist Mason Rothschild, with a U.S. judge ordering a permanent injunction on all sales of the NFT.