Without fail, crypto has a way of humbling even the most self-assured and this market is definitely not for the faint of heart. NFT investors have entered what appears to be a bear market and the recent chaos is also impacting community morale.
The decline in NFT prices occurred as the United States Federal Reserve raised interest rates, Terra’s Luna and UST-based platforms collapsed and traders came to terms with the reality that the entire sector could be in a bear market.
Things aren’t as bad as they were in 2018, but the NFT market isn’t as seasoned. Despite this, investors are already strapping up for potential future profits and ways to survive the current market downturn.
Will blue-chip tier NFTs hold the line?
Week-after-week, most blue-chip tier NFTs maintained their position at top 10 in total sales volume despite some floor prices dropping nearly 25% in the last 7-days.
MAYC 30-day floor price. Source: NFTPriceFloor
Notably, Yuga Labs’ Otherdeed NFTs, Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC), have all seen a decrease in their floor price. BAYC has since recovered from a dip in floor price after the Otherdeed launch, and has seen a minimal 3% decrease in the last 7-days. MAYC has seen nearly a 13% decrease in floor price in the last 7-days.
MAYC has been on quite a ride, falling drastically from its peak at 41.2 Ether $120,386 at the time. Currently, MAYC is valued at 19.6 Ether, an approximate 53% discount since MAYCs pump was largely due to their eligibility to claim Yuga Labs’ Otherside’s Otherdeed NFT.
Despite all of the uproar and controversy surrounding the Otherdeed NFT drop, the project remains at the top of the charts in total volume even after a 75% drop over the last 7-days.
Otherdeed 7-day market cap. and volume. Source: NFTGo
The functionality of these digital lands is still unclear and Otherdeed has seen its floor price in a consistent downward trend. In the last 7-days, the floor price decreased by 1.2%, and since minting, the price has dropped 55% from its…