NFT sales volume plummeted after the Terra explosion caused stablecoins to lose their peg, and bitcoin’s fall below $30,000 raises concerns about an ongoing bear market.
Without a doubt, crypto has a way of humble even the most confident, and this market is definitely not for the faint of heart. Non-fungible token (NFT) investors have entered a bear market, and the recent chaos is also affecting community morale.
The drop in NFT prices came as the Federal Reserve raised interest rates, the Terra LUNA and UST platforms collapsed, and traders resigned themselves to 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 hasn’t matured that much. Despite this, investors are already prepared for potential future returns and ways to weather the current market downturn.
Can Blue Chip NFTs Survive?
Week after week, most of the top tier NFTs have maintained their positions in the top 10 in terms of total sales despite some low prices falling nearly 25% in the last seven days.
MAYC 30 day reserve price. Source: NFTPriceFloor
In particular, Yuga Labs NFT Otherdeed, Bored Ape Yacht Club (BAYC), and Mutant Ape Yacht Club (MAYC) have all had their reserve price reduced. Since then, BAYC has bounced back from the drop in its reserve price following the launch of Otherdeed, recording the lowest 3% drop in the past seven days. MAYC’s reserve price has fallen nearly 13% over the past seven days.
MAYC had a pretty good ride, plummeting from a peak of 41.2 ether (ETH) to $120,386 at the time. MAYC is currently priced at 19.6 Ether, which is about a 53% discount as MAYC’s pumping was largely due to their right to claim NFT from Yuga Labs Otherdeed.
Despite all the noise and controversy surrounding Otherdeed NFT’s fall, the project remains at the top of the charts in terms of total volume even after falling 75% in the last seven days.
Another fact is the 7-day market cap. and volume. Source: NFTGO
The functionality of these digital lands is still unclear, and Otherdeed has seen a steady downward trend in its reserve price. Over the past seven days, the minimum price has decreased by 1.2%, and since minted, the price has decreased by 55% compared to the all-time high of 7.4 Ether.
CloneX RTFKT Studio’s floor price has fallen nearly 13% in the past seven days, while volume has fallen just over 12%. However, these figures do not shock society.
Despite the recent downturn, the RTFKT ecosystem is buzzing after celebrating the opening of contemporary Japanese artist Takashi Murakami’s Arrow Through History exhibition in New York. The exhibition is currently at the Gagosian Gallery and includes items inspired by CloneX as well as items from Murakami’s first NFT collection, Murakami Flowers.
Even as the NFT market cools, prices seem like a sell-off for some investors looking to capitalize on the news. As it turns out, the acclaimed “blue chip” Azuki NFT has made its biggest leap forward in light of one of its founders, Zagabond, who has openly acknowledged his turbulent past of suppressing the CryptoPhunks and Tendies community.
NFT investors buy rumors and news
As the famous saying goes, “buy the rumor, sell the news” to maximize profits. Faced with recognition from Zagabond, holders decided to vote with their wealth, and Azuki’s reserve price fell 74%.
Despite this volatility, Azuki is currently number one on the charts for total sales on OpenSea.
NFTs are still considered the Wild West, but some investors are learning that everyone’s barometer of morality and ethics is a little different. After the news leaked, Azuki’s reserve price plummeted, but some NFT influencers quickly stepped in, sweeping the floors for potential future opportunities.
Since May 10th, Azuki’s floor price has steadily climbed above 10 Ether, an impressive 200% increase in total sales since the new news broke.
Azuki 7 day trade and liquidity. Source: NFTGO
Azuki’s partner collection, BEANZ, also saw its reserve price drop by 83%. Despite a 248% increase in volume, BEANZ’s total sales are down 64% in the last week.
Before the announcement of BEANZ b