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NFT collections take massive price hit in 2023: Nifty Newsletter, May 24–30

The value of popular NFTs has sharply declined over the past year, with drops of up to 95%.

In this week’s newsletter, read about some of the most popular nonfungible token (NFT) collections and top metaverse properties taking massive price hits in 2023. Check out how the Hong Kong Police Force launched its own metaverse platform, and how Reddit’s digital collectibles have managed to onboard almost 10 million users to the crypto and NFT space. In other news, infamous crypto hater Peter Schiff has launched his own NFT collection on Bitcoin Ordinals. 

Popular NFT collections take massive price hit in 2023

The value of popular NFTs from 2022 has plummeted over the past year. NFTs like Doodles, Invisible Friends, Moonbirds and Goblintown have seen their Ether (ETH) value drop by as much as 95%, while even blue-chip NFT collections have experienced an average decrease of over 40%.

Despite these losses, NFT investors remain undeterred. The number of blue-chip NFT holders has increased by over 90% in the past year, although there has been a 30% decrease in buyers alongside a 32% increase in sellers.

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Reddit collectible avatars onboard nearly 10 million into the crypto, NFT space

After initially surging and reaching around 3 million holders in November 2022, the number of Reddit avatar holders experienced significant growth in 2023.

Since the beginning of the year, the number of Reddit avatar holders has risen by 80%, resulting in a market capitalization of $38.4 million and a collection of 13.7 million NFT avatars. Notably, there have been 303,033 sales, generating a cumulative sales volume of $32.6 million.

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Hong Kong Police Force launches new metaverse platform, ‘CyberDefender’

The Hong Kong Police Force’s cybersecurity unit has launched CyberDefender, a metaverse platform to educate the public about the risks associated with Web3 and the metaverse.

The platform was introduced to prepare citizens for the challenges of the digital age, particularly in preventing technology-related crimes. An event called “Exploring the Metaverse” was held on the platform, emphasizing the need for caution in the metaverse and addressing crime prevention strategies.

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Crypto hater Peter Schiff to drop Bitcoin Ordinals NFT art collection

Prominent economist and crypto skeptic Peter Schiff, known for his criticism of Bitcoin (BTC) and cryptocurrencies, has surprisingly unveiled a collaborative NFT art collection on the Bitcoin network.

The “Golden Triumph” collection includes physical paintings, prints and digital versions inscribed as Ordinal NFTs on the Bitcoin blockchain. The announcement has garnered mixed reactions from the crypto community, with some finding it baffling or amusing, while others see it as hypocritical given Schiff’s previous negative stance on crypto.

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Top metaverse property investments suffer massive losses: Report

While tech giants and major economies continue to explore the potential of the metaverse through investments and initiatives, the market for virtual lands has faced significant depreciation.

The prices of virtual lands in top metaverses have experienced a significant decline, with most properties losing around 90% of their value since their peak in 2022. Metaverse properties like Otherdeeds, The Sandbox, Decentraland, Somnium and Voxels have all depreciated, according to a study by CoinGecko.

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CHECK OUT COINTELEGRAPH’S NFT STEEZ PODCAST

Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.

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