- With lower ETH prices, the floor prices of blue-chip NFT collections are falling
- NFT trading volume has also fallen to its lowest monthly level
Cryptocurrency’s current downtrend is sending prices down across the board – and as crypto’s value has fallen, so have dollar NFTs in recent weeks.
Ethereum (ETH), the leader of the NFT market, is trading around $2,000 at press time, up from $2,800 a week ago. Terra’s stablecoin TerraUSD (UST) and its native token LUNA have collapsed over the past few days, shedding more than 99%.
While UST broke from its one-to-one tandem with the US dollar and is trading at $0.013, LUNA was hovering around $0.0000914 on Friday afternoon.
NFTs built on Terra, meanwhile, marked a record level of trading activity on May 11 that has since declined.
Ether’s lower prices, on the other hand, have led to a sustained drop in ETH NFT floor prices, along with lower gas fees (which drive transactions on the Ethereum blockchain).
Blue chip projects like Bored Ape Yacht Club (BAYC) and CryptoPunks have been no exception. Trading in Bored Ape Yacht Club collectibles on OpenSea fell to its lowest point in the past month, down 63% over a seven-day period on May 12.
While the range of daily sales has fluctuated between eight and 67 NFTs each day since early May, the collection’s reserve price has suffered a more consistent dip.
It fell to 89 ETH ($169,792) on May 12 and bounced back to 99 ETH on Friday as markets showed signs of stabilization. BAYC’s reserve price peaked at 152 ETH and nearly crashed the Ethereum network on the eve of the debut of Yuga Labs’ Otherdeed for Otherside collection in early May.
Otherdeed NFTs – required to buy land in the Otherside metaverse – remain in the top 10 collections with the highest trading volume since their debut on OpenSea. In this regard, it ranks alongside its parent company’s other collections such as BAYC and Mutant Ape Yacht Club.
Otherdeed for Otherside transactions have declined sharply since launch, from $375 million in volume to $6.5 million. according to to NFTGo. Nonetheless, this week’s collection has included some of the most expensive NFTs, according to to NonFungible.com.
Otherdeed for Otherside #59906 was sold for 625 ETH which equals $1.6 million.
Other NFT collections that have continued to top the charts over the past week include Art Blocks, Doodles, Moonbirds, and the Azuki and Beanz collections, even after their founder revealed he was part of three previously failed NFT projects .
Market conditions have also prompted some NFT investors to attempt to liquidate their holdings despite suffering significant losses.
In other NFT news, Meta began testing an NFT display feature for a select group of Instagram creators and collectors earlier this week. Once the feature becomes publicly available, it could potentially impact the larger NFT market.
Post-crypto market downturn leads to steep drop in blue-chip Ethereum NFTs￼ is not financial advice.
Source: Crypto News Austria