According to Nansen data, the bottom prices of some of the most famous "blue chip" NFTs have dropped by more than 25% last month. The Bored Ape Yacht Club series has dropped by 27%, DeGods has dropped by 55%, and Azuki has dropped by 36%. At the same time, the Nansen NFT-500 index has fallen 40% year-to-date, while the Blue Chip 10 index has fallen 33%. Although the value of NFTs is usually determined by the price of Ether, the decline in the NFT market has exceeded the decline in Ether, which has fallen 9.6% on a month-on-month basis.