NFT prices pick up as the market for cryptocurrencies deepens

NFT prices pick up as the market for cryptocurrencies deepens – Mail Bonus

Without fail, crypto has a way of humiliating even the most insecure and this market is certainly not for the faint of heart. NFT investors have entered what appears to be a bear market and recent turmoil has also affected society’s ethics.

The decline in NFT prices occurred when the US Federal Reserve raised interest rates, Terra-based Luna and UST media collapsed and traders accepted the reality that the entire sector could be in a bear market.

Things are not as bad as they were in 2018, but the NFT market is not as used. Despite this, investors have already begun to create potential future profits and ways to survive the current market downturn.

Will NFTs with blue chips hold the line?

Week after week, most blue-collar NFT companies maintained their position in the top 10 in total sales, despite some floor prices falling by almost 25% in the last 7 days.

MAYC 30 day floor rates. Source: NFTPriceFloor

In particular, Otherdeed NFTs from Yuga Labs, Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) have all seen a reduction in their floor prices. BAYC has since recovered from a reduction in floor prices following the Otherdeed presentation and has seen a minimum 3% reduction in the last 7 days. MAYC has seen almost a 13% drop in floor prices in the last 7 days.

MAYC has been on a high and has dropped significantly from its peak to $ 41.2 ether at $ 120,386 during that time. Currently, MAYC is rated at 19.6 Ether, which is approximately a 53% discount as the MAYCs pump was largely due to their ability to claim Otherdeed NFT from Yuga Labs’ Otherside.

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

Otherdeed 7 days market value. and volume. Source: NFTGo

The effectiveness of these digital countries is still unclear and Otherdeed has seen its floor prices fall steadily. Over the last 7 days, the floor price decreased by 1.2% and after slaughter, the price has decreased by 55% from the historical maximum to 7.4 ether.

CloneX floor prices RTFKT studio has decreased by almost 13% in the last 7 days and the volume decreased just over 12%. However, these figures are not milestones of society.

Despite a recent dip, the RTFKT ecosystem is buzzing after celebrating the opening of Japanese contemporary artist Takashi Murakami’s An Arrow Through History in New York City. The exhibition is now in the Gagosian Gallery, with CloneX-inspired works as well as works from Murakami’s first NFT collection, Murakami Flowers.

Even with the cooling of the NFT market, pricing seems to be an exhaust sale to some investors who want to take advantage of the news. As it would turn out, declared blue chip, Azuki NFT took the biggest step in light of one of its founders, Zagabond openly acknowledged that his stormy past was plagued by the devastating CryptoPhunks and Tendies community.

NFT investors buy the rumors and news

As the famous saying goes, traders “buy the rumors, sell the news,” to try to maximize profits. In light of the recognized Zagabond, the owners decided to vote with their property and the Azuki floop police dropped by 74%.

Even with these fluctuations, Azuki is at the top of the charts for total sales volume on OpenSea.

NFTs are still considered the Wild West, but some investors are learning that everyone’s bar for morals and morals is a little different. After the news sank in, Azuki’s floor prices fell sharply but a certain NFT influencers were quick to jump in and sweep the floors for potential future opportunities.

Since May 10, Azuki flooring prices have risen steadily above 10 Ether, a staggering 200% increase in total sales after news broke.

Azuki 7 days trading and liquidity. Source: NFTGo

Azuki’s partner, BENZ, had also reduced its floor prices by 83%. Even with a 248% increase in volume, BENZ, total sales volume has decreased by 64% in the last 7 days.

Prior to publication, BENZ traded at 6.8 ether and this price which is steadily declining shows the current price of 1.65 ether.

BENZ 7 days floor price. Source: NFTPriceFloor

Other upcoming anime-inspired drops have surfaced such as PXN: Ghost division NFT, which slipped to the top of the OpenSea tablets for volume. Ragnarok Meta also briefly increased at the pre-disclosure stage, but rumors that Zagabond was behind the project seem to weigh on the price.

The views and opinions expressed herein are those of the authors only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading business involves risk, you should conduct your own research when making a decision.