NFT prices get hammered as crypto bear market deepens

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.

Will blue-chip NFTs be rock solid?

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.

NFT traders are buying and selling rumors and news

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.