With out fail, crypto has a manner of humbling even the most confident and this market is unquestionably not for the faint of coronary heart. Nonfungible token (NFT) buyers have entered what seems to be a bear market and the current chaos can also be impacting group morale.
The decline in NFT prices occurred as the United States Federal Reserve raised rates of interest, Terra’s LUNA and UST-based platforms collapsed and traders came to terms with the reality that the entire sector could be in a bear market.
Things aren’t as bad as they were in 2018, but the NFT market isn’t as seasoned. Despite this, investors are already strapping up for potential future profits and ways to survive the current market downturn.
Will blue-chip tier NFTs hold the line?
Week after week, most blue-chip tier NFTs maintained their position in the top 10 in total sales volume despite some floor prices dropping nearly 25% in the last seven days.
Notably, Yuga Labs’ Otherdeed NFTs, Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) have all seen a decrease in their floor price. BAYC has since recovered from a dip in floor price after the Otherdeed launch and has seen a minimal 3% decrease in the last seven days. MAYC has seen nearly a 13% decrease in floor price in the last seven days.
MAYC has been on quite a ride, falling drastically from its peak at 41.2 Ether (ETH) to $120,386 at the time. Currently, MAYC is valued at 19.6 Ether, an approximate 53% discount since MAYC’s pump was largely due to their eligibility to claim Yuga Labs’ Otherside’s Otherdeed NFT.
Despite all of the uproar and controversy surrounding the Otherdeed NFT drop, the project remains at the top of the charts in total volume even after a 75% drop over the last seven days.
The functionality of these digital lands is still unclear and Otherdeed has seen its floor price in a consistent downward trend. In the last seven days, the floor price decreased by 1.2%, and since minting, the price has dropped 55% from its all-time high at 7.4 Ether.
RTFKT studio’s CloneX floor price has dropped nearly 13% in the last seven days with volume decreasing slightly over 12%. However, these numbers do not phase the community.
Despite the recent dip, the RTFKT ecosystem is buzzing after celebrating the opening of Japanese contemporary artist Takashi Murakami’s An Arrow through History in New York City. The exhibit is currently in the Gagosian Gallery, featuring CloneX-inspired pieces along with pieces from Murakami’s first NFT collection, Murakami Flowers.
Even with the NFT market cooling, the pricing seems like a blowout sale to some investors looking to capitalize on news. As it would turn out, proclaimed blue-chip Azuki NFT took the biggest plunge in light of one of its founders, Zagabond, openly admitting to their tumultuous past plagued with rugging the CryptoPhunks and Tendies community.
I fucked up.
After the spaces today, I realized my shortcomings in how I handled the prior projects which I started. To the communities I walked away from, to Azuki holders, and to those who believed in me — I’m truly sorry.
1/x
— ZAGABOND.ETH (@ZAGABOND) May 11, 2022
NFT buyers purchase the rumors and the information
As the well-known adage goes, merchants “purchase the rumor, promote the information,” in an try to maximise earnings. In gentle of Zagabond’s admission, holders determined to vote with their property and Azuki’s flooring worth dipped by 74%.
Even with this volatility, Azuki at present ranks at the high of the charts for complete gross sales quantity on OpenSea.
NFTs are nonetheless thought-about the Wild West, however some buyers are studying that everybody’s barometer for morals and ethics is barely completely different. After the information sank in, Azuki’s flooring worth dropped precipitously however sure NFT influencers have been fast to jump in and sweep the flooring for potential future alternatives.
Since Might 10, the Azuki flooring worth has steadily seen a rise above 10 Ether, a powerful 200% improve in complete gross sales quantity that occurred after recent information circulated.
Azuki’s associate assortment, BEANZ, had additionally taken an 83% discount in its flooring worth. Even with the 248% surge in quantity, BEANZ’ complete gross sales quantity has decreased by 64% in the final week.
Pre-reveal, BEANZ traded at 6.8 Ether and this worth steadily descended put up disclose to their present pricing at 1.65 Ether.
Different anticipated anime-inspired drops have surfaced such as PXN: Ghost division NFT, which slide into the high of the charts on OpenSea for quantity. Ragnarok Meta additionally surged for a temporary second in its pre-reveal stage, however rumors that Zagabond was behind the challenge look like weighing on worth.
The views and opinions expressed listed here are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer entails danger, it’s best to conduct your personal analysis when making a determination.
