Crypto has been on a downward slope in recent weeks, and NFT is going in the same direction with the dollar declining in value.

Both TerraUSD and LUNA fell in value posting a whopping 99% loss. With UST (pegged to the US dollar) now trading at $0.13, LUNA managed to move to $0.0000914 on Friday afternoon, rendering the coin almost worthless.

Consequently, NFTs that are tied to Terra have shown a decline in trading activity.

Suggested Reading | LUNA Not Alone in Crimson: APE, AVAX, SOL, SHIB Lose 20% in Crypto Crash

Ethereum loses shine

On the other hand, Ethereum (ETH) is currently trading at $2,000, which suffered a drop compared to its trading value last week at $2,800.

Reduced ETH prices have caused ETH NFT prices to drop associated with a decrease in gas fees that power the Ethereum blockchain.

Last month, the market value of Bored Ape Yacht Club (BAYC) and other blue chip companies hit new lows. (eSports.net)

Blue-chip projects suffer decline

Meanwhile, CryptoPunks, Bored Ape Yacht Club (BAYC), and other top-tier projects have also been dragged down with their trading value going to lows or lows in the past month. Their prices fell 63% on May 12.

Daily trading or selling activity has been incredibly erratic, with the eight and 67 NFT range seen since the early days of May.

Its price floor has taken the hits that saw it drop to around 89 ETH or $169,792 on May 12 and revive as low as 99 ETH on Friday as the market stabilized.

Otherdeed NFT Soars Amid Crypto Crash

The minimum price reached a maximum of 152 Ethereum during Yuga Labs’ Otherdeed launch in May for the Otherside collection.

Otherdeed NFTs continue to grow as one of the top 10 collections with the highest trading volume since its launch on the OpenSea NFT market. Otherdeed NFT is on the same list as other Mutuant Ape Yacht Club and BAYC collections.

Total Crypto Market Cap at $1.23 Trillion on Daily Chart | Source: TradingView.com

Transactions for the Otherdeed collection have been reduced since its release. The numbers cascaded 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 on the OpeanSea market. They are also among the highest priced NFTs for this week.

Suggested Reading | Shiba Inu vs. Dogecoin and LUNA: Which Will Survive the Crypto Carnage?

It’s not just the Otherdeed collection that has dominated the charts over the past week. Other NFT collections like Doodles, Azuki and Beanz, Art Blocks, and Moonbirds are also climbing 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 viewing feature aimed at a special group of IG collectors and creators. It is expected that once this new feature is available, it could have a huge impact on the NFT space.

CryptoHubk Featured Image, TradingView.com Chart



This post NFT Prices Take a Beating After Crypto Market Mayhem

was published first on https://www.newsbtc.com/nft/nft-prices-take-a-beating/

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