As we have been suggesting in previous weeks, the NFT market has reached a new price low for the year. With most NFT projects facing liquidity crises and price declines at a time when the NFT market is uncertain, blue chip NFT remains to be our preferred buy option.
Echoo Research classifies NFTs into 6 grades based on recent NFT data and on-chain metrics. It also performs lateral comparisons at each grade and gives preferential recommendations.
NFT Value Buys: 1V1 Price Comparison
1.Bored Ape Yacht Club vs. CryptoPunks
As of November 11, the floor prices for Bored Ape Yacht Club and CryptoPunks are 60.95 ETH and 64.65 ETH respectively.
Floor price trend of Bored Ape Yacht Club and CryptoPunks
After eliminating the extremes, we found that Bored Ape Yacht Club's floor price was higher than CryptoPunks 94% of the time this year. The trend began to shift since October as both prices became closer, and Bored Ape Yacht Club's price has recently fallen below CryptoPunks'. Taking into account the current price and the historical increases, Bored Ape Yacht Club is better than CryptoPunks in terms of cost performance.
From the price stress test, Bored Ape Yacht Club rallied more than CryptoPunks when it hit its historical relative price lows, with multiple rallies amounting to more than 50%. On the contrary, CryptoPunks hit its price lows and even fell below the bottom several times. In terms of holder distribution, Bored Ape Yacht Club and CryptoPunks holders each own 1.56 and 2.78 NFTs on average, which means Bored Ape Yacht Club has a more even distribution than CryptoPunks.
Priority: Bored Ape Yacht Club> CryptoPunks
2.Mutant Ape Yacht Club vs. Azuki
As of November 11, the floor prices for Mutant Ape Yacht Club and Azuki are 10 ETH and 10.83 ETH respectively.
Floor price trend of Mutant Ape Yacht Club and Azuki
Data comparison tells us that the floor prices of Mutant Ape Yacht Club and Azuki are correlated (correlation coefficient: 0.725), and Mutant Ape Yacht Club's price is consistently higher than Azuki's for 93.6% of the time this year.
Viewing from the relative low in August and the current trend, the floor price of Mutant Ape Yacht Club is down 11%, while the floor price of Azuki is up 60%. Azuki's recent price has outperformed Mutant Ape Yacht Club. Even though the two prices have started to converge recently, we conclude that Mutant Ape Yacht Club is a better buy than Azuki.
Excluding the price fluctuations due to events (Azuki founder's drama), when both projects hit historical price lows, Mutant Ape Yacht Club's rebound is slightly stronger than Azuki's, and the volatility of MAYC is also greater than Azuki's. Considering the return ratio, Mutant Ape Yacht Club is still a better buy than Azuki at the moment.
Mutant Ape Yacht Club outperformed Azuki in terms of holder distribution, whale holders, and existing pending orders rate.
Priority: Mutant Ape Yacht Club > Azuki
3.CloneX vs. Moonbirds
As of November 11, the floor prices for CloneX and Moonbirds are 7.49 ETH and 7.5 ETH respectively.
Floor price trend of CloneX and Moonbirds
Due to the huge fluctuations in values at the beginning of the project's launch, Moonbirds only completed its launch in April this year, so we will only compare the data obtained since June.
As seen from historical trends, Moonbirds' historical price has always been higher than CloneX, and so is price volatility. It wasn't until October that the prices of both projects started to come closer and are now stable at around 7.5 ETH. Compared to Moonbirds' price, CloneX has maintained a relatively stable volatility. Judging from the historical price curve, Moonbirds is more cost-effective to purchase. Furthermore, price stress test has proven that CloneX is more stable and resistant to stress, and performs significantly better than Moonbirds when encountering major impacts.
In addition, when it comes to holder distribution, whale holders, and existing pending orders rate, both projects have their respective advantages and disadvantages. Details are as follows:
Priority: Moonbirds > Clone X
4.Doodles VS VeeFriends
As of November 11, the floor prices for Doodles and VeeFriends are 6.25 ETH and 6.11 ETH respectively.
Floor price trend of Doodles and VeeFriends
Doodles has a significantly higher floor price than VeeFriends 71% of the time this year. Particularly from April to August, the floor price of Doodles was consistently higher than VeeFriends by nearly 2.5 ETH. In the price stress test, Doodles rebounded stronger than VeeFriends at the two NFT price lows and the overall market relative low this year. Besides extreme values, both projects see their prices fluctuating between 5-15 ETH. Therefore, Doodles is currently a better buy than VeeFriends.
In addition to this, Doodles' holder distribution is 1.85, slighly lower than VeeFriends' 1.96. Moreover, VeeFriends' current pending order rate is slightly better than Doodles'.
Priority: Doodles> VeeFriends
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DYOR. Please consult with a financial advisor before making any investment decisions. Echoo Research does not provide any financial advice and the above contents are only for informational purposes.
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