Ethereum: As blue chip NFTs leave, who takes the spotlight?

• The volume of blue chip collections, including BAYC, Otherdeed, and MAYC, all declined around the same period
• Other not-so-popular collections filled in for the decrease, but there were no substantial changes.

Ethereum [ETH] NFTs like Otherdeed, Moonbirds, and Bored Ape Yacht Club [BAYC] were almost always on the list of collections with the most daily gains. Historically, in cases where some do not fall into the fray, others still join those with the most sales volume and transactions.

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But on 23 February, BAYC, Mutant Ape Yacht Club [MAYC], Otherdeed, and Azuki recorded massive declines as attention moved to other collections. According to CryptoSlam, MAYC still led the volume ranking, but it was only because of the NFT’s high floor prices.

At press time, the MAYC sales volume was $14.88 million — 8.41% down from the previous 24 hours. Transactions were also down to 564, with reduced involvement of buyers and sellers. In BAYC’s case, it went down to the fifth position. However, it suffered a more tremendous decline than its Yuga Labs’ counterpart.

Source: CryptoSlam

From the image above, BAYC dumped 52.31% in volume, with double-digit decreases in transactions, buyers, and sellers. So, which collection has outperformed the usual suspects?

Penguins, Valhalla, and KILLABEARS NFTs

In a surprising move, the Pudgy Penguins collection broke into the top 10. Launched in 2021, Pudgy Penguins is an Ethereum-based collection comprising 8,888 penguin NFTs. The project was also an instant hit during the season when profile picture projects (PFP) were the center of attraction.

At press time, Pudgy Penguins’ sales volume was $2.43 million in the last 24 hours. This represented a 41% increase within the said timeframe. However, data from the NFT aggregator revealed that an incredible increase in buyer and seller participation was vital to the landmark. All in all, 297 transactions led to the rise.

However, Pudgy Penguins was only one of many Ethereum NFTs with such a performance. KILLABEARS registered $1.128 million in sales despite being the 16th. However, the most notable surge out of the lots was the Valhalla collection.

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The collection, which is a crypto-native brand for gamers, increased 483%, thereby making its 24-hour sales volume $2.43 million.

Source: CryptoSlam

Despite the giant strides recorded by these collections, sales of the Ethereum NFT ecosystem were still down. At the time of writing, the overall sales volume was $82.12 million — a 28.53% decline. Nonetheless, the decline in the blue-chip collections volume might only last a while.