The crypto has been on a downward slope over the past few weeks – and is heading in the same direction with the decline in the value of the NFT dollar.
Both TerraUSD and LUNA recorded a massive 99% drop in value. With UST (pegged with the US dollar) now trading at $0.13, LUNA managed to go up to $0.0000914 on Friday afternoon, rendering the coin almost worthless.
As a result, NFTs linked to Terra have shown a decline in trading activity.
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Ethereum loses luster
Ethereum (ETH), on the other hand, is currently trading at $2,000, which has suffered a decline as compared to last week’s trading price of $2,800.
Lower ETH prices have triggered a drop in the price of ETH NFTs, coupled with a drop in the gas fee that powers 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 decline
Meanwhile, Cryptopunks, Bored Ape Yacht Club (BAYC), and other blue-chip projects have also been dragged along with their trading value at last month’s lows. Their prices have come down by 63 percent compared to May 12.
Daily selling or trading activity has been incredibly erratic with a range of eight and 67 NFTs seen since early May.
Its lowest price took the punch that caused it to drop to around 89 ETH or $169,792 on May 12 and revived to 99 ETH on Friday when the market experienced stabilization.
Other Deed NFT Soaring Amidst the Crypto Crash
The floor price reached 152 Ethereum during the launch of Yug Labs ‘EtherDead’ in May for the other collection.
Other Deed NFTs continues to climb as one of the top 10 collections with the highest trading volume since its launch in the OpenC NFT market. Otherdeed is on the same roster as NFT Mutuant Ape Yacht Club and BAYC’s other collections.
Crypto total market cap at $1.23 trillion on the daily chart | Source: TradingView.com
After its launch the transactions of Otherdeed Collection have gone down. The number has dropped from $375 million to just $6.5 million as of this writing.
Despite the recent decline, the Otherside for Otherside collection continues to be one of the coveted NFTs in the OpenC market. They are also the highest priced NFTs for this week.
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It’s not just the Otherdeed collection that has been dominating the charts over the past week. Other NFT collections such as Doodles, Azuki and Beanz, Art Blocks, and Moonbirds are also increasing in popularity and price charts.
With the current market conditions, more NFT investors are panicking and trying to liquidate the asset.
In the meantime, Meta is currently testing out a ready-made NFT display function for a special group of IG collectors and creators. It is expected that once this new feature becomes available, it could greatly impact the NFT space.
Featured image from CryptoHubk, chart from TradingView.com