July Blue Chip NFT Recap

July saw a notable shift in the performance of Ethereum's blue-chip Non-Fungible Tokens (NFTs), recording a 28% month-over-month reduction in trading volume from $540 million to $386 million. The collections of Azuki, Bored Ape Yacht Club (BAYC), and Mutant Ape Yacht Club significantly influenced this volume, jointly contributing to 72% of the transactions.

The total market cap of blue-chip collections fell from $2.6 billion in June to $2.1 billion in July. This substantial hit was primarily driven by the controversy that emerged at the beginning of July concerning the minting of Azuki Elementals, as its market cap plunged 36% month-over-month.