NFT prices take on “Punch in the Gut” as the downward trend in the cryptocurrency market deepens

Perfectly, the crypto market has a way of humiliating even the most self-confident, and this market is certainly not for the faint of heart. NFT investors have entered what looks like a bear market and the latest chaos is also damaging the morale of the community.

As NFT prices fell as the U.S. Federal Reserve raised interest rates, Terra’s Luna and UST equipment collapsed and traders accepted the reality that the entire sector could be in the bear market.

Things aren’t as bad as they were in 2018, but the NFT market isn’t so expert. However, investors are preparing for future earnings potential and ways to survive the current market downturn.

Will Blue-chip-level NFTs hold the line?

Week-by-week, most blue-chip-level NFTs have maintained their position in the top 10 of total sales volume, although some price floors have fallen by almost 25% in the last 7 days.

MAYC 30 day price. Source: NFTPriceFloor

Notably, Yuga Labs’s Otherdeed NFT lowered the price floor of Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC). BAYC has recovered from a fall in other prices since the release of Otherdeed and has seen a 3-day drop of at least 7%. MAYC has seen a 13% drop in the price peak over the last 7 days.

MAYC is well on its way, dropping significantly from the peak of 41.2 Ether at $ 120,386 at the time. MAYC 19.6 Ether is currently valued at approximately 53% off, as MAYC’s increase is largely due to Yuga Labs ’right to claim NFT Otherdeed.

Despite all the fuss and controversy surrounding the fall of NFT Otherdeed, the project remains at the top of the charts in full volume, even after a 75% drop in the last 7 days.

Otherdeed’s 7-day market capital and volume. Source: NFTGo

The functionality of these digital lands is not yet clear and Otherdeed has seen its price floor in a consistent downward trend. In the last 7 days, the price floor has fallen by 1.2%, and since the report was made, the price has fallen by 55% from the height of the 7.4 Ether era.

RTFKT’s CloneX price floor has fallen by almost 13% in the last 7 days, and the volume has fallen by more than 12%. However, these numbers do not destabilize the community.

Despite the recent downturn, the RTFKT ecosystem is in turmoil following the inauguration of contemporary Japanese artist Takashi Murakami. “An arrow through history“New York.

Even with the cooling of the NFT market, the price seems like a sensational sale for some investors who want to take advantage of the news. As the blue-chip claimed, Azuki NFT took the biggest leap in the light of one of its founders, Zagabond clearly acknowledged the turbulent past played by the CryptoPhunks and Tendies community.

I screwed up.

After today’s spaces, I’ve come to realize the shortcomings I have in managing previous projects that I started. I apologized to the communities, to Azuki’s headlines, and to those who believed in me.

1 / x

– ZAGABOND.ETH (@ZAGABOND) May 11, 2022

NFT investors are buying rumors and news

As the famous saying goes, traders are “rumored to buy, sell” in an attempt to maximize profits. With Zagabond’s approval, the holders decided to vote with their assets and Azuki’s floor price fell by 74%.

Despite this volatility, Azuki is currently on the full sales list in OpenSea.

NFTs are still considered wild in the West, but some investors are learning that everyone’s moral and ethical barometer is a little different. After the news arrived, Azuki’s price dropped to the top, but for sure agents The NFT rushed in and scoured the land for possible future opportunities.

Since May 10, Azuki’s price floor has been steadily rising above 10 Ether, a huge 200% increase in total sales volume that occurred after the news broke.

Azuki’s 7-day trade and liquidity. Source: NFTGo

The collection of Azuki’s partners, BEANZ, also saw an 83% reduction in its price floor. Even with a 248% increase in BEANZ volume, total sales volume has fallen by 64% in the last 7 days.

Prior to the introduction, BEANZ was trading at 6.8 Ether and this price was steadily declining after the current price of 1.65 Ether appeared.

BEANZ 7 day price floor. Source: NFTPriceFloor

Other anime-inspired publications came in, such as PXN: Ghost division NFT, which slid by volume in OpenSea charts. Ragnaro Meta also appeared briefly in the previous phase of his appearance, but the rumors behind the Zagabond project seem to weigh on the price.

The opinions expressed here are solely those of the author and do not necessarily reflect the opinions of Cointelegraph.com. Every investment and trade move involves risk, you should do your research when making a decision.

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