According to the latest statistics from Nansen, a blockchain analytics platform, top non-fungible token collections have outgained Ether in value this January.
The Nansen NFT-500 and Blue-Chip 10, which follow the top NFT collections according to market capitalization, have grown in value 9.35% and 9.76% respectively, while Ether has gained 2% in the first month of the year according to CoinMarketCap.
This signals a slight maturation of the NFT market, where top collections are accruing value even as the cryptocurrency underpinning those tokens remains roughly level. The two Nansen indices in question follow solely NFTs on the Ethereum blockchain.
According to NFT Price Floor, 10 of the top 20 NFT collections by market cap have seen their floor price increase in the past 30 days:
- Pudgy Penguins
- The Captainz
- Lil Pudgys
- HYTOPIA Worlds
- Creepz by OVERLORD
- YOU THE REAL MVP
Nine have fallen in floor price, while one (Autoglyphs) has remained even.
Out of all the specific categories that Nansen tracks, Social NFTs (which includes PFP sets) are doing the best. In January, the Nansen Social-100 index is up 13%. The other categories, however, are falling in value with Game-50 at -7%, Art-20 at -1%, and the Metaverse-20 at -11%.
In addition, statistics from CryptoSlam show that the average price for an NFT has dropped 13% to $107. Investments seem to be accumulating to the top NFT collections, with NFTs based around community experiencing a boom.
NFT Collections on the Rise
Although we’ve yet to merge into a full-fledged bull market, different NFT collections have been showing signs of life over the past couple of months, creating a more fun and bullish atmosphere in Web3. Here are three stories about collections rising in value, starting with a generative art collection on Solana.
Just last week, the first major art collection launched on Solana. The mint price was just $23, which made it even more surprising what happened next. Within 24 hours, the floor price of the collection skyrocketed to 23 SOL ($2,103 at that time), with a trading volume of $1.3 million in SOL. That collection? Rubber, by Crypto Pop Punk.
Two months ago, Pudgy Penguins made a surprise announcement on X an upcoming project, and it was a doozy. The project was called ‘Pudgy World,’ a new blockchain based metaverse and gaming world. Quickly, the Pudgy Penguins (and Liil Pudgys) collection soared in value.
Lastly, also two months ago, another Solana NFT collection made news. This time, it was Mad Lads, the non-fungible token set from Coral, a company focused on Solana development. The floor price mooned to over 200 SOL, a remarkable feat, with tailwinds coming from news that Coral was planning to open a cryptocurrency exchange in Dubai.
As these stories show, some NFT collections have been popping in value, even as the overall price for an NFT falls. This shows the market is maturing, with people consolidating their investments around winners and actual companies, rather than based on hype alone.