Mutant Ape NFTs Plummet: Why is the Blue-Chip NFT Market Faltering?

The blue-chip NFT market is experiencing a downturn as trading volumes, floor prices, and overall market performance are in decline. This trend has affected iconic projects like Bored Ape Yacht Club and its spinoff, Mutant Ape Yacht Club (MAYC), with retail interest waning. Analyzing recent data reveals that some NFT collections, including MAYC, are suffering negative growth, causing a shift in investor focus to projects offering practical utility beyond speculation.