In 2023, some of the most sought-after nonfungible tokens (NFTs) of the previous year have taken a massive hit in terms of value. This downward trend mirrors the depreciating value of metaverse properties in 2023, which were considered the top virtual lands for investment in 2022. Investments in top NFT projects, such as Doodles, Invisible Friends, Moonbirds, and Goblintown, have lost up to 95% of their value in ETH. The value of blue chip NFT collections alone has fallen down by over 40% on average.
Data from NFTGo shows that the Blue Chip Index went down to 7,446 ETH from its yearly high of 12,394 ETH back in July 2022. Surprisingly, NFT investors remain unfazed by the ongoing decline in value. While some expect further and prolonged depreciation of NFT prices, a handful of investors believe it’s the right time to invest as they anticipate a comeback.
On the contrary, the total number of blue chip NFT holders over the past year has increased by more than 90%. During this timeline, the number of sellers increased by 32% while buyers decreased by 30%. Despite the financial setbacks, the NFT ecosystem continues to draw attention from new investors. On May 27, crypto skeptic Peter Schiff launched an NFT project on the Bitcoin blockchain via Ordinals.
Schiff unveiled the “Golden Triumph” NFT collection, which depicts a human hand holding a bar of gold. The collection will be sold via a two-part auction, starting on June 2 and ending on June 9. Bitcoin is also trading hands at a hefty discount on the Australian branch of the Binance crypto exchange. The move comes as traders rush to cash out their crypto holdings into Australian dollars before the door for AUD bank withdrawals closes on June 1 at 5 pm local time.
At the time of publication, one BTC could be purchased for only $33,750 AUD, equating to around $21,987 or 21% lower than the global spot rate. However, without the ability to deposit AUD into the trading wallet, and hefty premiums for converting other crypto assets into AUD, users may find it difficult to get their hands on the discounted BTC.
Binance has warned of the delisting of several crypto trading pairs with AUD on June 1 and advised users to pay attention to the risks when trading. Meanwhile, Binance said it is continuing to look for an alternate provider to continue offering Australian dollar deposits and withdrawals.
Source: Cointelegraph
