For the second time since June 2022, the market performance of blue chip nonfungible tokens (NFTs), which are frequently seen as promising long-term investments, fell below 10,000 Ether (ETH) in the blue-chip index kept by NFTGo.

Recently, on April 29, blue chip NFTs recorded their best performance, totaling over 14,900 ETH. The index dropped to 9,331 ETH on June 13, which was the worst-performing day in blue chip NFT history. This decline was mostly caused by a floor price adjustment in the CyberKongz and CyberKongzBabies projects.

The number of long-term holders of NFT increased by about 500,000 users in just June and July, bringing the total to over 3 million at the time of writing. PFP (photo for proof) NFTs have the highest market valuation of all NFT subcategories at $13.95 billion.

Former market leaders including collectibles, gaming, and art NFTs collectively have a market valuation of about $6.7 billion.

NFT marketplace OpenSea revealed plans to create regulations around the sale of stolen NFTs on its platform as a proactive move to curb illicit activity through NFT trades.

OpenSea acknowledged that customers were punished for no fault of their own after unintentionally purchasing illegal goods. The market changed its policy to increase the use of police records in identifying dangers as a result.