Cryptocurrencies have been falling over the past few weeks – NFTs are heading in the same direction as the value of the US dollar.
TerraUSD and LUNA both lost 99% in value. With UST (pegged to the U.S. dollar) now trading at $0.13, LUNA managed to rise to $0.0000914 on Friday afternoon, making the coin almost worthless.
As a result, Terra-related NFT trading activity has declined.
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Ethereum loses its luster
On the other hand, Ethereum (ETH) is currently trading at $2,000, down from last week’s trading value of $2,800.
The drop in the price of ETH has triggered a drop in the price of ETH NFTs, which has been linked to a drop in gas fees driving 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 decline
At the same time, blue-chip projects such as CryptoPunks and Bored Ape Yacht Club (BAYC) were also dragged down, with transaction value falling to the lowest point in nearly a month. Their prices fell 63% on May 12.
In the range of 8 to 67 NFTs observed since early May, daily sales or trading activity has been very volatile.
Its floor price took a hit, causing it to drop to around 89 ETH or $169,792 on May 12, before recovering to 99 ETH when the market stabilized on Friday.
Otherdeed NFTs Soar Amid Crypto Crash
The base price peaked at 152 ETH during the Otherdeed launch of the Otherside series by Yuga Labs in May.
Since its launch on the OpenSea NFT marketplace, Otherdeed NFTs have continued to surge as one of the 10 most traded collections. Otherdeed NFTs are on the same roster as other series from Mutuant Ape Yacht Club and BAYC.
Crypto total market cap at $1.23 trillion on the daily chart | Source: TradingView.com
Deals in the Otherdeed series have dwindled since launch. At the time of writing, those numbers have dropped from a whopping $375 million to just $6.5 million.
Despite the recent decline, the Otherdeed for Otherside series remains one of the coveted NFTs on the OpeanSea market. They are also one of the highest priced NFTs this week.
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It wasn’t just the Otherdeed series that dominated the charts over the past week. Other series of NFTs, such as Doodles, Azuki and Beanz, Art Blocks and Moonbirds, are also climbing on the popularity and price charts.
Under the current market conditions, more NFT investors are panicking and trying to liquidate their assets.
Meanwhile, Meta is currently testing the NFT showcase feature for a special group of IG collectors and creators. It is expected that once this new feature becomes available, it will greatly impact the NFT space.
Featured image from CryptoHubk, chart from TradingView.com