Amidst recent debates over the fate of NFTs, it is evident that not every NFT has lost value. In Part 1 of our series, we examined NFT collections that saw their floor prices decline. However, the NFT market’s overall maturity and potential for another boom have sparked optimism. Projections suggest the NFT market could reach $3.2 billion by 2027, up from $1.6 billion in 2023. This article focuses on five NFT collections that experienced significant floor price increases between April 2022 and October 2023.
Understanding NFT Floor Price:
As a quick reminder or for those who missed Part 1, the NFT floor price represents the minimum selling price within an NFT collection. It serves as a gauge for assessing the fair market value of a particular NFT project on a collection level.
NFTs That Soared in Value in 2023:
Here, we explore five NFT collections that witnessed noteworthy changes in their floor prices from April 28, 2022 (1 ETH ≈ 2,888.85 USD) to October 8, 2023 (1 ETH ≈ 1634.66 USD). Keep in mind that while floor prices have fluctuated, the overall dollar impact may vary due to Ethereum’s changing value during this period.
1. Chromie Squiggle: 5.99 ETH to 9.55 ETH (59%)
The Chromie Squiggle NFT collection, crafted by digital artist Snowfro, consists of 10,000 unique pieces known for their multicolored, doodle-like appearance. From April 2022 to October 2023, its floor price surged by 59%, climbing from 5.99 ETH (approximately $17,300) to 9.55 ETH (approximately $15,621.79). It’s essential to note that despite this impressive increase, Ethereum’s devaluation during this period led to a net difference showing a decrease of around $1,700.
2. Beeple Genesis: 95 ETH to 200 ETH (110%)
The Beeple Genesis NFT collection, a creation by digital artist Beeple, features 102 distinct digital pieces residing on the Ethereum blockchain. Known for its eclectic blend of visuals and social commentary, this collection saw its floor price surge from 95 ETH (about $274,800) in April 2022 to 200 ETH (approximately $326,900) in October 2023. Accounting for Ethereum’s fluctuations during this timeframe, this increase translates to approximately $52,000.
3. Gazers by Matt Kane: 5 ETH to 12 ETH (140%)
The Gazers NFT collection, conceptualized by Matt Kane, encompasses 1,000 unique digital items on the Ethereum blockchain. Described as a moon phase calendar celebrating crypto art, astronomy, and generative art, this collection’s floor price rose from 5 ETH (around $14,400) to 12 ETH (approximately $19,600) between April 2022 and October 2023, resulting in a difference of roughly $5,100.
4. Pudgy Penguins: 1.78 ETH to 4.89 ETH (175%)
Pudgy Penguins NFTs, a subset of Profile Picture NFTs, comprises 8,888 uniquely generated penguin NFTs with over 150 different traits. The collection’s floor price significantly increased, climbing from 1.78 ETH (approximately $5,100) to 4.89 ETH (about $8,000) between April 2022 and October 2023. This change in value translates to an increase of approximately $2,900.
5. Kanpai Pandas: 0.09 ETH to 0.72 ETH (700%)
The Kanpai Panda collection boasts 10,000 hand-drawn NFTs found on multiple blockchain chains. Its floor price value surged from 0.09 ETH (about $259) in April 2022 to 0.72 ETH (approximately $1,100) in October 2023, marking an astonishing 700% increase in floor price. Considering Ethereum’s stable value, this would have represented a remarkable $910 gain.
While this analysis doesn’t pass judgment on the health of the NFT space, it highlights the evolving landscape of digital collectibles and showcases that value in NFTs can indeed appreciate, even in a dynamic market.
