Throughout the past year, there has been a substantial decline in the value of highly sought-after non-fungible tokens (NFTs) from 2022. This downward trend parallels the depreciation of metaverse properties in 2023, which were regarded as prime virtual real estate investments in the previous year.

Prominent NFT projects like Doodles, Invisible Friends, Moonbirds, and Goblintown have suffered losses of up to 95% in their Ether value. Moreover, blue-chip NFT collections alone have experienced an average decline of over 40% in their overall worth.

Based on NFTGo data, the Blue Chip Index has witnessed a decline from its peak of 12,394 ETH in July 2022 to 7,446 ETH.

Interestingly, NFT investors appear undeterred by the ongoing value drop. While some anticipate further and prolonged depreciation of NFT prices, a few investors view this as an opportune moment to invest, foreseeing a potential resurgence. Contrastingly, the past year has seen a notable increase of over 90% in the number of blue chip NFT holders. During this period, sellers experienced a 32% rise, while buyers decreased by 30%.

Despite the financial setbacks, the NFT ecosystem continues to attract the attention of new investors. Notably, on May 27, crypto skeptic Peter Schiff introduced an NFT project on the Bitcoin blockchain called Ordinals.

Schiff unveiled the "Golden Triumph" NFT collection, featuring an image of a human hand grasping a gold bar. These collectibles will be offered through a two-part auction, commencing on June 2 and concluding on June 9.

Source: Cointelegraph