NFT Prices Take A Beating After Crypto Market Chaos
14 May 2022 - 9:34PM
NEWSBTC
Crypto has been on a downward slope the past couple of weeks – and
NFT is going the same direction with the decline in dollar value.
TerraUSD and LUNA both dipped in value registering a tremendous
loss of 99%. With UST (pegged with US dollar) now trading at $0.13,
LUNA has managed to move to $0.0000914 on Friday afternoon, making
the coin nearly worthless. Consequently, NFTs that are tied with
Terra has shown decline in trading activity. Suggested Reading |
LUNA Not Alone In Crimson: APE, AVAX, SOL, SHIB All Lose 20% In
Crypto Crash Ethereum Loses Shine On the other hand, Ethereum (ETH)
is currently trading at $2,000 which suffered a decline compared to
its trading value last week at $2,800. The lowered prices of ETH
have trigged the dip on ETH NFT prices associated with a decline in
gas fees that power up the Ethereum blockchain. In the past month,
the market value of Bored Ape Yacht Club (BAYC) and other blue-chip
enterprises has reached new lows. (eSports.net) Blue-Chip Projects
Suffer Decline Meanwhile, CryptoPunks, Bored Ape Yacht Club (BAYC),
and other blue-chip projects have also been dragged down with their
trading value faring to the lowest of low in the past month. Their
prices dipped by 63% of May 12. The daily sales or trading activity
has been incredibly erratic which went with the range of eight and
67 NFTs observed since the early days of May. Its floor price has
taken the punches which caused it to drop to around 89 ETH or
$169,792 on May 12 and was revived up to 99 ETH on Friday when the
market experienced stabilization. Otherdeed NFT Soaring Amid Crypto
Crash The floor price peaked at 152 Ethereum during the launch of
Yuga Labs’ Otherdeed in May for the Otherside collection. Otherdeed
NFTs continue to soar as one of the top 10 collections with the
most trading volume since its launch on the OpenSea NFT market.
Otherdeed NFT is in the same roster as other collections by Mutuant
Ape Yacht Club and BAYC. Crypto total market cap at $1.23 trillion
on the daily chart | Source: TradingView.com The transactions of
the Otherdeed collection have rolled down following its launch. The
numbers cascaded down from a whopping $375 million to just $6.5
million as of this writing. Regardless of the recent decline, the
Otherdeed for Otherside collection continue to be one of the
coveted NFTs in the OpeanSea market. They are also among the
highest-priced NFTs for this week. Suggested Reading | Shiba Inu
Vs. Dogecoin And LUNA: Which One Will Survive The Crypto Carnage?
It’s not just Otherdeed collection that’s dominating the charts
over the past week. Other NFT collections like Doodles, Azuki and
Beanz, Art Blocks, and Moonbirds are also moving way up the
popularity and price charts. With the prevailing market conditions,
more NFT investors are in panic mode and are trying to liquidate
assets. Meanwhile, Meta is currently testing an NFT display
function geared towards a special group of IG collectors and
creators. It’s expected that once this new feature becomes
available, it can greatly impact the NFT space. Featured image from
CryptoHubk, chart from TradingView.com
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