The market value of NFT collectibles has shrunk by about 50% in May, and the newly released “goblin town” has soared

According to a report published by Dapp Radar on May 31, the most unusual collection of NFTs did not escape the bloodbath that took over the crypto market in May, losing around 50% of their market cap.

Bored Ape Yacht Club (BAYC), Crypto Punks, Mutant Ape Yacht Club (MAYC), Doodles, and Moonbirds all saw notable declines in key metrics such as base price and total market capitalization as new projects with alternative approaches entered the picture.In particular, the collection, which is published anonymously, offers free minting NFTs, and declares itself “no route mapNo [canal no] Discordant and useless”.

The set of 9,999 NFTs called “goblin heads” was released on May 22 with zero cost other than gas fees, and its base price was close to $5,000 as of May 31.

The meteoric rise made Goblin Town the 15th most traded NFT collectible in May, even though it was actually offered during the last week of the month. In less than ten days, Goblin Town has a market cap of just over $49 million with a reserve price of $4,910. The most expensive NFT in the series is goblintown #8995. A single copy was purchased for 69.42 ETH (~$126,000).

Fairy Town #8995. Source: OpenSea

Apes and punk in decline

At the same time, the most popular collectibles on the market began to fall, suggesting that a bearish cycle may have entered the market for non-fungible tokens.

Mutant Ape Yacht Club suffered heavy losses. The base price of this series of NFTs fell by 53% in May. Collectors can pick up an item from MAYC on May 31st for around $30,000. The “mutant ape” collectible has lost about 71 percent of its value, totaling $633 million.

The reserve price of leader Bored Ape Yacht Club’s NFTs has dropped by around 47% and can be purchased for as low as $163,000. While the minimum value of CryptoPunks has dropped by nearly 42%, it is now priced at around $95,000. The market caps of both series were not immune to the shock: they fell 62% and 44%, respectively.

The Moonbird, on the other hand, had conflicting data in May. The base price for the series of NFTs rose 25% to $37,000. Meanwhile, Moonbirds’ total market capitalization fell 52% to $374 million as of May.

Yuga Labs’ collectibles drop in May comes after the Otherside metaverse chaotic launch of the Otherdeeds NFT, which saw its base price drop 17% in May.

Despite the general decline, top NFT collections still top the NFT sales charts. The most valuable NFT post in May was BAYC #17, which sold for 410 ETH on May 5 (~$1.2 million at the time).

Despite a temporary cooling in the non-fungible token market, rumors have surfaced this week that Apple could be the next big company to join NFTs, Cointelegraph Brasil reported.

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