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 saw their value drop by a staggering 99%. Despite UST being pegged to the US dollar, LUNA traded at $0.13 on Friday. This makes LUNA almost worthless.
NFTs tied to Terra have seen a decline in trading activity.
LUNA Not Alone In Crimson: APE, AVAX, SOL, SHIB All Lose 20% In Crypto Crash| LUNA Not Alone In Crimson: APE, AVAX, SOL, SHIB All Lose 20% In Crypto Crash
Ethereum loses its shine
Ethereum (ETH), on the other hand is trading at $2,000, a decrease from its last trading value of $2,800.
The lower prices of Ethereum have caused a dip in ETH NFT price due to a drop in gas fees, which are essential for the Ethereum blockchain’s operation.
Over the past month, Bored Ape Yacht Club's (BAYC) market value and that of other blue-chip companies has dropped to historic lows. (eSports.net)
Blue-Chip Projects Are in Decline
CryptoPunks, Bored Ape Yacht Club and other blue chip projects are also being dragged down, with their trading value falling to the lowest level in the past month. Prices fell 63% in May 12,
Daily sales and trading activity have been extremely irregular, which is in line with the eight to 67 NFTs that were observed from the beginning of May.
The market stabilization caused the floor price to plummet to 89ETH, $169,792 (on May 12,). It was then revived to 99ETH on Friday.
Crypto Crash: Otherdeed NFT soaring
The floor price peaked at 152 Ethereum during the launch of Yuga Labs’ Otherdeed in May for the Otherside collection.
The trading volume for Otherdeed NFTs continues to rise since it was launched on the OpenSea NFT Market. Mutuant Ape Yacht Club’s Otherdeed NFT is on the same list as those from BAYC and Mutuant Ape Yacht Club.
Source: TradingView.com| Source: TradingView.com
After its launch, the transactions for Otherdeed have been rolled back. After its launch, it dropped to $375million and now only $6.5 Million.
The OpeanSea Market continues to love the Otherdeed For Otherside collection, despite the decline in sales. This week, they are among the most costly NFTs.
Recommended Reading: Shiba Inu Vs. Dogecoin and LUNA: Which Will Survive the Crypto Carnage| 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. Doodles and other NFT collections such as Azuki and Beanz Art Blocks and Moonbirds continue to rise in popularity and are also on the price and availability charts.
NFT investors in panic mode are looking to sell assets and take advantage of the current market conditions.
Meta is testing an NFT display function that Meta hopes will be useful to IG creators and collectors. 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