After experiencing a massive bull run in 2021, the non fungible token (NFT) market has started to see a correction. In the third quarter of 2022, the sales of NFTs dropped by 60% to around $3.3 billion from $8.4 billion. Blue-chip projects such as CNP Rookies have also experienced a slump in sales volume and prices.
Despite the lack of interest surrounding NFTs, the launch of a new player, Chronocatz, has added to the market’s excitement. The project was recently launched by the team behind the massively successful Chronoly.io project. As a result, it has already caught the attention of some of the previous investors of collections like Bored Apes and CryptoPunks.
CNP Rookies Dips in the NFT Market
CNP Rookies is a collection of over 7,777 character NFTs created by Ninja DAO which aims to capitalise on the success of its parent project “Cryptoninjas”. The project seeks to aid newcomers to the NFT space by providing them with a budget-friendly entry into the market. Despite having a large number of generative NFTs each with a unique combination of traits, the project has not seen much interest from investors.
The price of CNP Rookies has dropped significantly over the past year. It currently trades at around 0.08 ETH, a significant decrease from its previous year’s price of 0.17. One possible explanation is that the project is not as established or well-known as its competitors. It’s also possible that the common opinion amongst NFT enthusiasts is that the value of CNP Rookies’ NFTs is lower than other similar collections due to its lack of uniqueness or scarcity.
Despite the success of the original Cryptoninjas project, it appears that investors have become disillusioned with CNP Rookies due to its lack of momentum and originality.
Chronocatz: The Rising Star in the NFT Market
The unique NFT collection known as Chronocatz is a new entry into the world of non-fungible tokens (NFTs) and was recently unveiled by the Chronoly.io team. Like CNP Rookies, the project features 7,777 unique NFTs, each with various unique characteristics, such as fur, headgear, accessories and outfits. In addition, the watch that the Chronocatz NFT wears is the key characteristic that determines the level of rarity for the NFT. These watches are tied to real-world luxury timepieces, which makes them incredibly secure and reliable investments. The floor price of these assets is also expected to increase in the future as the capitalization of the luxury watch trading market increases.
Holding a Chronocatz NFT provides the owner with membership to the Chrono Wealth Club (CWC), as well as eligibility for certain perks and rewards. Members of the CWC can benefit from early access to new NFT drops, and priority bidding at auctions. The level of perks depend on a tiered membership system that is determined by the rarity of the Chronocatz NFT.
During the private mint the project successfully sold over 1300 NFTs to eager investors looking to get in on the new collection. The public mint is now live, and closes in 11 days.