- As the price of ETH goes down, the lowest price of a good NFT collection goes down.
- NFT trading volume has also fallen to the lowest monthly level
In the current downtrend in cryptocurrencies, prices have plummeted across the board. Also, as the value of cryptography has declined, dollar-based NFTs have declined in the last few weeks.
NFT market leader Ethereum (ETH) is trading at around $ 2,000 at the time of issuance, down from $ 2,800 a week ago. Terra’s stablecoin TerraUSD (UST) and its native token LUNA have recently collapsed, losing more than 99%.
LUNA hovered around $ 0.0000914 on Friday afternoon while UST de-pegged from a one-on-one tandem with the US dollar and traded at $ 0.13.
Meanwhile, NFTs built on Terra recorded record levels of trading activity on May 11, but have declined since then.
On the other hand, the low prices of Ethereum caused a prolonged decline in ETHNFT’s minimum tariff, along with lower gas tariffs (powering transactions on the Ethereum blockchain).
Good projects such as Bored Ape Yacht Club (BAYC) and CryptoPunks were no exception. Trading in Bored Ape Yacht Club collectibles at OpenSea fell 63% in seven days on May 12, dropping to the lowest point in the past month.
Since the beginning of May, the daily sales range has fluctuated between 8 and 67 NFTs on certain days, but the lowest prices in the collection have been hit more consistently.
It fell to 89 ETH ($ 169,792) on May 12, and returned to 99eth on Friday as the market showed signs of stability. BAYC’s lowest price peaked at 152 ETH, almost crashing the Ethereum network the night before Yuga Labs’ Otherdeed for Otherside collection debuted in early May.
Otherdeed NFT — Required to buy land in the Otherside Metaverse — remains in the top 10 most traded collections since its debut at OpenSea. In that respect, it ranks alongside other parent company collections such as BAYC and Mutant Ape Yacht Club.
According to NFTGo, transactions on Otherside for Otherside have declined sharply since its launch, with transaction volumes rising from $ 375 million to $ 6.5 million. Still, according to NonFungible.com, the collection has recorded some of the most expensive NFTs this week.
Otherside’s Otherdeed # 59906 sells for 625 ETH and is worth $ 1.6 million.
Other NFT collections that continue to lead the charts last week include the Art Blocks, Doodles, Moonbirds and Azuki and Beanz collections.
Market conditions also urged some NFT investors to liquidate their holdings, with significant losses.
In other NFT news, Meta began testing NFT display capabilities for a selected group of Instagram creators and collectors earlier this week. When this feature is released, it could impact the larger NFT market.
Deliver the day’s top crypto news and insights to your inbox every night. Subscribe to Blockworks’ free newsletter now.
-
Ornella Hernandez
Blockworks
Reporter
Ornella is a Miami-based multimedia journalist covering NFTs, Metaverse and DeFi. Prior to joining Blockworks, she reported to Cointelegraph and worked on television stations such as CNBC and Telemundo. She originally started investing in Ethereum after hearing about Ethereum from her father, and she hasn’t looked back since then. She speaks English, Spanish, French and Italian.
