Crypto has been on a downward slope for the past few weeks – and NFT is heading in the same direction with the decline in dollar value.
TerraUSD and LUNA both fell in value, registering a massive 99% loss. With UST (pegged to the US dollar) now trading at $0.13, LUNA managed to climb to $0.00000914 Friday afternoon, rendering the coin nearly worthless.
Consequently, NFTs associated with Terra have shown a decline in trading activity.
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Ethereum loses luster
On the other hand, Ethereum (ETH) is currently trading at $2,000, which fell from its trading value last week at $2,800.
The lowered prices of ETH have caused the drop in ETH NFT prices accompanied by a drop in gas tariffs bolstering the Ethereum blockchain.
In the past month, the market value of Bored Ape Yacht Club (BAYC) and other blue-chip companies has hit new lows. (eSports.net)
Blue-Chip projects suffer decline
Meanwhile, CryptoPunks, Bored Ape Yacht Club (BAYC) and other blue-chip projects have also dragged down, with their trading value dropping to its lowest or lowest level in the past month. Their prices fell by 63% on May 12.
Daily selling or trading activity has been incredibly erratic, accompanying the eight and 67 NFT ranges observed since the early days of May.
The bottom price took the brunt of it falling to around 89 ETH or $169,792 on May 12 and revived to 99 ETH on Friday as the market stabilized.
Otherdeed NFT Rises Amid Crypto Crash
The bottom price peaked at 152 Ethereum during the May launch of Yuga Labs’ Otherdeed for the Otherside collection.
Otherdeed NFTs continue to rise 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 Mutuant Ape Yacht Club and BAYC collections.
Total Market Cap of Crypto at $1.23 Trillion on the Daily Chart | Source: TradingView.com
The transactions of the Otherdeed collection have been rolled out after launch. The numbers dropped from a whopping $375 million to just $6.5 million at the time of writing.
Regardless of the recent decline, the Otherdeed for Otherside collection remains one of the coveted NFTs in the OpeanSea market. They are also among the most expensive NFTs this week.
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It’s not just the Otherdeed collection that has been dominating the charts for the past week. Other NFT collections such as Doodles, Azuki and Beanz, Art Blocks and Moonbirds are also rising far in the popularity and price charts.
With the prevailing market conditions, more NFT investors are panicking and trying to liquidate assets.
Meanwhile, Meta is currently testing an NFT display feature aimed at a special group of IG collectors and creators. It is expected that once this new feature becomes available, it could have a major impact on the NFT space.
Featured image of CryptoHubk, chart from TradingView.com