Floor prices of prominent ‘blue chip’ nonfungible token (NFT) collections have plummeted to their lowest levels in almost two years.
Yuga Labs’ Bored Ape Yacht Club (BAYC) collection, the second-largest by market capitalization, reached a floor price of 27.7 Ether (ETH), equivalent to $54,200, on July 3.
This drop marks a significant decline not seen since September 2021. Other notable collections, including Mutant Ape Yacht Club (MAYC), Azuki, CryptoPunks, and DeGods, also experienced a decline in floor prices over the past week.
However, there has been a slight recovery in floor prices across most of the top collections in the last 24 hours, bringing some relief to NFT holders. Azuki Elementals emerged as the biggest gainer with a nearly 32% increase in floor price.
In an unexpected move, Credit Suisse, the Swiss-based bank, has entered the NFT space by partnering with the Swiss Football Association.
They announced the launch of 756 Ethereum NFTs, with all proceeds dedicated to supporting women’s soccer in Switzerland.
Through their CSX app, Credit Suisse will make these NFTs available, without requiring any crypto or crypto wallet.
Swiss francs will be used for purchasing the NFTs, providing a simple and client-friendly approach to accessing digital assets.
Each NFT portrays a player from the Swiss Women’s National Team and offers different levels of perks and benefits based on rarity.
Meanwhile, Melania Trump’s Solana NFT collection, released ahead of Independence Day celebrations in the United States, has seen slow sales. Of the 3,000 NFTs released on June 29, only 586 have been sold so far.
The collection, known as the “1776 Collection,” features six designs adorned with patriotic symbols, priced at $50 each.
French luxury brand Dior recently unveiled a new line of shoes, one of which comes with a digital twin in the form of an Ethereum-based NFT.
Interestingly, Dior’s launch announcement avoided explicitly mentioning the term “NFT,” referring to the digital twin as a “unique and secure digital creation on the Ethereum blockchain.”
The B33 sneaker, priced at $2,150, includes the NFT twin, while the other styles come with a near-field communication chip providing access to a “Digital Certificate of Authenticity.”
In other news, blockchain security firm PeckShield discovered that half of all stolen NFTs are sold within three hours on platforms like OpenSea and Blur.
Hermès, another luxury brand, obtained a significant legal victory against NFT artist Mason Rothschild, as a U.S. judge ordered a permanent injunction on all sales of the “MetaBirkin” NFT collection in an infringement case.
The NFT market continues to evolve rapidly, experiencing both price declines and new entrants from diverse sectors, showcasing the dynamic nature of the digital asset space.
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