• Top NFT projects have suffered substantial losses, with their value in Ether.
• Blue-chip NFT collections have seen an average decrease of over 40% in their overall value.

The past few years have witnessed an immense wave of excitement and hype surrounding the world of NFTs. Although, reports indicate that NFT investments in popular projects like Doodles, Invisible Friends, Moonbirds, and Goblintown have plummeted by as much as 95% in Ether value. On average, the worth of renowned blue-chip NFT collections has declined by more than 40%.

Reports suggest that the Blue Chip Index has retreated to 7,446 ETH from its annual peak of 12,394 ETH recorded in July 2022. Albeit, the NFT ecosystem continues to attract the attention of new investors, despite the setbacks in the market. A prime example is Peter Schiff, a crypto skeptic, who entered the space by launching an NFT project on the Bitcoin blockchain through Ordinals on May 27.

Highlighting his unwavering conviction in the enduring worth of gold, Peter Schiff has assembled the Golden Triumph collection, which will be sold via a two-part auction. Bidding will open on June 2 and conclude on June 9.

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