‘Blue chip’ floor prices near two-year lows
The largest nonfungible token (NFT) collections by market capitalization are in a sea of red as the cheapest NFTs in their collections took dives over the past week, with some hitting near two-year lows.
Yuga Labs’ flagship Bored Ape Yacht Club (BAYC) collection — the second largest by market cap, according to CoinGecko — hit a floor price of 27.7 Ether (ETH) or $54,200 on July 3, a level not seen since September 2021.
The largest 12 NFT collections floor prices have been in the red over the past week. Source: CoinGecko
Other top collections, including the Mutant Ape Yacht Club (MAYC), Azuki, CryptoPunks and DeGods, also saw floor prices sink in the past week.
However, the last 24 hours have given the NFT holders a slight respite, with floor prices recovering across most of the top collections. The largest gainer was Azuki Elementals, with a nearly 32% floor price increase.
Credit Suisse takes a shot at NFTs
On July 3, Swiss-based bank Credit Suisse said it’s teaming up with the Swiss Football Association to fire off 756 Ethereum NFTs, with 100% of the proceeds going to support women’s soccer in the country.
It’s the first time the bank has waded into NFTs, which will be made available through its CSX app, which is adding new functionality for digital assets, with no crypto or crypto wallet required.
Instead, Swiss francs will be used to purchase the NFTs, which will appear in the app. The bank said this “first step” was meant to be “simple and client-friendly” so a “broad client base” could access digital assets.
As for the NFTs, each one portrays a player from the Swiss Women’s National Team, and comes with varying levels of perks and benefits depending on the rarity.
A collage of some of the rarest NFTs, with some priced over $11,000. Source: Credit Suisse
There are three rarity levels, with 690 of the least rare starting at around 150 Swiss francs ($170), while the 11 most rare are priced at over 10,000 Swiss francs ($11,000).
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