Which Blue Chip NFT Will You Buy With a Heavy Discount?

“Buy the dip” has been a popular move for crypto investors but does this apply to NFT floor price dips? Let’s take a look at if you should start an NFT shopping spree or take the more conservative route!

2022’s NFT Floor Price Dip

Active NFT trader @rexwub shared the floor price of the biggest blue-chip Collectibles in the space. As of press time, at least seven projects are down. For example, Cool Cats recorded a plunge from 16.2 ETH floor price to  10.5 ETH.

First of all, the NFT floor price dip does not represent the market conditions. In fact, the industry is poised to achieve record-breaking numbers this 2022. The Block Data Dashboard reported that NFT trading volume had already reached $6.13 billion last January alone. Therefore, the NFT volume grew 129% in January 2022 compared to December 2021.

Now back to the important question, should you “buy the dip?”

Speculation aside, the project’s roadmap should be the basis of any NFT purchase. Even if the NFT scene is flooded with new NFT drops and Collectibles, those with superior utility and art always stand out. In addition, valuation depends on the rarity of the NFT. For example, Sotheby’s auctioned off the Covid Alien CryptoPunk for $11.75 Million. There’s a finite supply of 10,000 CryptoPunks in the NFT World. CryptoPunk 7523 stands out because of its rare cosmetics.

Furthermore, the general rule is you should buy the dip when the asset is swinging uptrend. This ideal scenario happens when an NFT pulls back with the expectation that it will soon return to its original position. For more NFT investment tips, you can check out our full guide!

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All investment/financial opinions expressed by NFTevening.com are not recommendations.

This article is educational material.

As always, make your own research prior to making any kind of investments.

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