Cryptocurrencies can always dampen the confidence of even the most confident of people, and this market is definitely not for the faint of heart. Non-fungible token (NFT) investors appear to be entering a bear market, and the recent chaos has affected community morale.
The drop in NFT prices is due to the Federal Reserve raising interest rates, the collapse of Terra’s LUNA and UST platforms, and traders accepting the reality that the entire industry may be in a bear market.
The situation is not as bad as it was in 2018, but the NFT market is also not as mature. Still, investors are already positioning for potential future profits and ways to survive the current market downturn.
Week after week, most of the blue-chip NFTs remained in the top 10 for total sales, although some floor prices fell by nearly 25% in the past 7 days.
MAYC floor price within 30 days Source: NFTPriceFloor
Notably, Yuga Labs’ Otherdeed NFT, Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) all saw their floor prices drop. After the launch of Otherdeed, BAYC has recovered from the decline in the floor price. In the past 7 days, BAYC has recorded a minimum decline of 3%. In the past 7 days, MAYC's floor price has fallen by nearly 13%.
MAYC has been riding well, dropping sharply from a peak of 41.2 Ether (ETH) to $120,386. Currently, MAYC is valued at 19.6 ETH, roughly a 53% discount, as MAYC’s surge is largely due to their eligibility for Yuga Labs’ Otherside’s Otherdeed NFT.
Although Otherdeed’s NFT sales decline has caused much controversy, the project’s sales have fallen by 75% in the past 7 days, but it still remains at the top of the list.
Otherdeed 7-day market capitalization and trading volume Source: NFTGo
The function of these digital lands is still unclear, but the floor price of Otherdeed has shown a continuous downward trend. The floor price has fallen by 1.2% in the past 7 days, and since minting, the price has fallen by 55% from the all-time high of 7.4ETH.
The CloneX floor price of RTFKT studio has dropped by nearly 13% in the past 7 days, and the sales volume has dropped by slightly more than 12%. But those numbers didn't dampen the community's enthusiasm.
Despite a recent dip in popularity, RTFKT's ecosystem is buzzing after celebrating the New York opening of Japanese contemporary artist Takashi Murakami's "An Arrow Through History." The exhibition, currently held at Gagosian Gallery, includes works inspired by CloneX, as well as Takashi Murakami's first NFT series "Murakami Flowers".
Despite the cooling of the NFT market, the pricing appears to be a blowout sale for some investors looking to capitalize on the news. As it turns out, Azuki NFT experienced its biggest plunge after Zagabond, one of the founders of the declared blue-chip Azuki NFT, publicly admitted that they had ditched the CryptoPhunks and Tendies communities in the past.
As the famous adage goes, traders "buy the rumor, sell the news" in an attempt to maximize profits. Shareholders decided to vote with their assets in light of Zagabond's acknowledgment, and Azuki's floor price fell by 74%.
Despite this, Azuki is currently at the top of OpenSea's overall sales charts.
NFTs are still considered the “Wild West,” but some investors are recognizing that everyone has a slightly different moral and ethical barometer. After the news broke, Azuki's reserve price dropped sharply, but some NFT influencers quickly stepped in, sweeping the floor for potential opportunities.
Since May 10, Azuki’s floor price has been rising steadily above 10 ETH, and after the latest news, the total volume increased by 200%.
Azuki 7-day trading and liquidity Source: NFTGo
The floor price of Azuki's cooperation series BEANZ has also been reduced by 83%. Despite a 248 per cent surge in sales, total BEANZ sales fell 64 per cent last week.
Before the disclosure, BEANZ was trading at 6.8 ETH, which has steadily dropped to the current 1.65 ETH after the disclosure.
BEANZ 7-day floor price source: NFTPriceFloor
Other animation-inspired NFTs also saw declines, such as the PXN: Ghost Division NFT, which topped OpenSea's sales charts. Ragnarok Meta also spiked during the pre-release phase, but rumors of Zagabond's involvement with the project behind the scenes seem to have taken a toll on the price.
The French developer behind the Mutant Ape Planet NFT collection faces a prison sentence of up to five years subsequent to entering a guilty plea on charges related to wire fraud.
KikyoAurelien Michel, creator of "Mutant Ape Planet" NFTs, pleads guilty in a U.S. court for defrauding investors. Facing up to five years in prison and agreeing to a $1.4 million forfeiture.
Huang BoAurelien Michel, the French creator of the Mutant Ape Planet NFT collection, has admitted culpability in a substantial fraud scheme. The U.S. Department of Justice (DOJ) states that Michel's actions caused almost $3 million in losses for buyers.
JixuAurelien Michel, the founder of NFT collection Mutant Ape Planet, was arrested this week by federal authorities for allegedly orchestrating an “NFT rug pull” scam.
decryptTwenty-four-year-old French citizen Aurelian Michel has been charged with fraud for his role in the alleged scheme.
CoindeskOne lucky winner is the proud owner of a Mutant Ape worth over $30k.
Bitcoinist
NulltxOpenSea froze approximately $2.2 million worth of stolen assets yesterday after gallery owner Todd Kramer’s precious NFT collection was stolen from his hot wallet.
CointelegraphData shows that OpenSea has generated more than $700 million in sales so far this year, putting the NFT market on track to hit new highs this month.
CointelegraphBored Ape Yacht Club owners can take advantage of IP rights by auditioning for a BAYC movie trilogy, while other popular NFT characters now make up the cast of iHeartMedia's latest podcast venture.
Cointelegraph
