After the massive bull run in 2021, the NFT market has witnessed a massive correction this year. In the third quarter of 2022, NFT sales dropped over 60% to $3.4 billion from $8.4 billion in the previous quarter. In the ongoing bear market, blue-chip NFT projects like Bored Ape (BAYC) and CryptoPunks have also witnessed massive slump in sales volume and floor prices. While investors are still cautious about NFTs, the entry of a new player, Chronocatz, has added much-needed excitement to the market. Launched by the team at Chronoly.io watch marketplace, Chronocatz has quickly grabbed the attention of CryptoPunks And Bored Ape (BAYC) whales. In this article, we take a look at what makes Chronocatz exciting and how BAYC and CryptoPunks are performing.
Launched in April 2021, Bored Ape Yacht Club (BAYC) is one of the most successful NFT projects. However, the Bored Apes’ price has fluctuated wildly, even more so after the crypto market crash in May 2022. The floor price of BAYC NFT collection topped $420,000 in April 2022. BAYC project tanked by 60% in May to below $152,658, in average sales prices. These NFTs are now selling at a floor price of 79 ETH ($101,605).
According to DappRadar data, the overall volume of Bored Ape NFTs has declined by 22% while the average price of each BAYC NFT has fallen by over 14% in the last 30 days. There has been an 18% decline in the number of traders, with only 299 traders of BAYC in 30 days while the total amount of incoming value to Bored Ape’s smart contract was 0.
There are 10,000 Bored Ape NFTs in circulation, with each commanding a different price. These apes have been subject to several thefts. BAYC NFTs worth about 200 ETH were stolen in June 2022. Adding to the woes of Bored Ape owners, there is an ongoing investigation by the US Securities and Exchange Commission into Yuga Labs, the company behind BAYC. The SEC is investigating whether Yuga Labs has violated any rule by issuing NFTs and launching its native cryptocurrency (ApeCoin).
CryptoPunks NFT has been performing better than BAYC recently, data shows. It is currently leading the NFT market with a 30-day average floor price of $83,470. The trade volume of CryptoPunks NFTs has also jumped over 64% to $22.1 million but the floor price is down nearly 9% to $83,470 in the last 30 days, according to DappRadar.
The CryptoPunks project has been deemed as the “alpha and omega” of the crypto art movement by British auction house Christie’s. It was launched in 2017 by Larva Labs as a collection of 10,000 unique collectable characters with proof of ownership stored on Ethereum blockchain. The project has been immensely successful in the last 5 years.
However, the CryptoPunks project has suffered in the ongoing bear market with sales dropping to below $100,000. In August 2021, CryptoPunks had an all-time high sales of $680 million. According to DappRadar data, there were only 148 sales of CryptoPunks and just 155 traders in the last 30 days. While the project has shown some traction after last month’s short revival in the NFT market, there is still a long way to go to reach anywhere near the ATH.
Chronocatz NFTs are a set of 7,777 unique cats, hand drawn by artists. Developed by the team behind Chronly, a 24/7 Ethereum blockchain-based watch investment platform, Chronocatz NFTs pack over 200 unique and original traits, including hats, clothes, eyes, and most importantly, the watch.
NFTs backed by luxury watches is the unique selling point of the Chronoly platform. After the launch and success of CRNO tokens, the arrival of Chronocatz has made the Chronoly ecosystem more exciting for investors as they stand to benefit from a platform whose core offering is backed by real world assets.
Chronocatz offers some powerful features that are attracting the BAYC and Cryptopunks whales. A Chronocat NFT acts as a pass to the exclusive Chrono Wealth Club, which will have only 7777 members. The owner of a Chronocat NFT will get exclusive access to special features like discounts on trading & storage, insurance fees, access to networking events, private watch auctions, and much more. The whitelist mint of Chronocatz is currently on offer at a mint price of 0.11 ETH for each cat.
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