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.
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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.
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Its not just Otherdeed collection thats 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. Its expected that once this new feature becomes available, it can greatly impact the NFT space.
Featured image from CryptoHubk, chart from TradingView.com