The floor prices for some of the largest NFT collections sunk to nearly two-year lows, but have started to edge up in the past 24 hours.
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Traditional finance companies are boosting their engagement with Ethereum-based real-world asset protocols, resulting in RWAs outperforming DeFi blue chips.
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"We only support blue chip NFTs to reduce the risks," said Paraspace developers.
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In the last 30 days, over 53% of NFT investors made losses on sale trades. Despite the cold market sentiment, the number of investors that hold their NFT investments continues to rise.
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Data on the most well recognized nonfungible token projects show that key metrics have fallen with floor prices and market capitalization over the past month.
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Most of the NFT market is in a downtrend, but data shows funds continuing to flow into blue-chip tier projects.
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Blue Chip NFT collections such as Azuki, Clone X and Doodles are leading the steady growth of a market that has traded over $17 billion since 2020.
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Galaxy Digital founder and CEO Mike Novogratz was unfazed by the firm’s $175.8-million loss as he emphasized the importance of digital asset adoption.
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