Introduction: What Makes an NFT “Undervalued”?
In the traditional investment world, the Price-to-Sales Ratio (PSR) is often used to identify companies that are undervalued in relation to their revenue. When brought into the NFT space, PSR becomes a powerful tool to evaluate whether a collection’s market capitalization aligns with its actual trading activity.
Today, we analyze five NFT projects with the lowest PSRs on OpenSea, suggesting potential undervaluation. This analysis is reinforced with concepts from Benjamin Graham’s “The Intelligent Investor” and Howard Marks’ “The Most Important Thing”, applying their timeless wisdom to the volatile but opportunity-rich Web3 space.
PSR Top 5 Overview
| Collection Name | PSR (30d) | Market Cap (ETH) | 7d Sales | 7d Avg Price | 7d Volume | 30d Sales Volume | 30d Avg Price |
|---|---|---|---|---|---|---|---|
| VCITYNODE | 1 | 3,661.87 | 0.73 | 0.73 | 1166.67 | 5,000.03 | 0.73 |
| Axie Land | 1 | 5,168.33 | 0.31 | 0.31 | 3940.09 | 16,886.11 | 0.31 |
| BEEPLE – SPRING/SUMMER COLLECTION 2021 | 2 | 3,525.90 | 6.90 | 6.90 | 119.23 | 275.89 | 6.39 |
| EARN’M Piggybox NFT Collection | 3 | 6,692.06 | 0.0005 | 0.0005 | 3,122,960.87 | 6,196,350.93 | 0.00036 |
| Autoglyphs | 4 | 53,760.00 | 105.00 | 105.00 | 119.47 | 131.80 | 101.98 |
Project 1: VCITYNODE
Category: Urban Metaverse Infrastructure
Key Insight: With a PSR of 1, VCITYNODE’s trading volume nearly matches its entire market cap. This is a rare case of full alignment between price and market demand.
Analysis: Echoing Graham’s principle of “margin of safety,” VCITYNODE’s high turnover provides a buffer against downside. It’s a microcap-style play in Web3 urban infrastructure, likely used in multiple virtual cities. The price stability (0.73 ETH average) reflects ongoing transactions rather than hype.
Investor Takeaway: This is a textbook undervalued NFT asset, possibly poised for revaluation once infrastructure partnerships are made public.
Project 2: Axie Land
Category: GameFi / Virtual Real Estate
Key Insight: Axie Land has consistent transaction volume and pricing, suggesting strong utility value.
Analysis: While Axie Infinity’s popularity has declined, its land economy remains alive. The PSR of 1 shows that secondary markets continue to engage deeply. In Howard Marks’ terms, this is a case of “second-level thinking”: understanding value not from hype, but from residual utility.
Investor Takeaway: The price may reflect market apathy toward GameFi, making it a counter-cyclical buy.
Project 3: BEEPLE – Spring/Summer 2021
Category: High Art / Blue Chip NFT
Key Insight: Beeple’s work trades far below its historical auction price levels, while PSR suggests relative undervaluation.
Analysis: Beeple represents prestige in the NFT space. A PSR of 2 indicates its sales are catching up to its market cap. Given its cultural cachet, this could be a case where price lags recognition.
Investor Takeaway: Like early Picasso prints, this could be a hidden blue-chip accumulation phase.
Project 4: EARN’M Piggybox NFT Collection
Category: Consumer Loyalty / Airdrop Engagement
Key Insight: With transaction volumes in the millions, this project may be driven by micro-transactions or reward mechanics.
Analysis: The PSR of 3 masks a fundamentally unique mechanic—massive transaction numbers at extremely low price points. This resembles an Amazon-style scale model. Its economic structure aligns with “The Most Important Thing”: risk control through volume diversification.
Investor Takeaway: Perfect for data-driven investors who understand “metcalfe-style” value growth from network usage.
Project 5: Autoglyphs
Category: On-chain Generative Art / Historical Asset
Key Insight: Despite its high price, PSR of 4 suggests regular sales.
Analysis: Created by Larva Labs, Autoglyphs are the first fully on-chain generative art. Think of them as the “Bitcoin” of NFT art. This project may not appear cheap at 101 ETH, but regular volume indicates stable high-end demand.
Investor Takeaway: Autoglyphs remain one of the most investable fine-art NFTs, akin to Graham’s advice of selecting “high-grade securities at reasonable prices.”
Visual Insights
PSR Trends: 7-Day vs 30-Day
MarketCap vs Sales Volume
Conclusion: Applying Investment Wisdom to Web3
From Graham’s safety margin to Marks’ second-level thinking, these five projects embody what it means to be undervalued in a maturing NFT landscape. Daily tracking of PSR and other behavioral metrics (like engagement and retention) may become the foundation of next-gen NFT investment frameworks.
Stay tuned for tomorrow’s update—markets shift fast, and so do opportunities.
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