NFT Prices Take A Beating After Crypto Market Chaos

Christian Encila

3 years ago

3 mins read

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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.

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.

It’s not just Otherdeed collection that’s 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. It’s expected that once this new feature becomes available, it can greatly impact the NFT space.

Featured image from CryptoHubk, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.