Crypto has been on a downward slope the past couple of weeks – and NFT is going the same direction with the decline in dollar value.
TerraUSD and LUNA both dipped in value registering a tremendous loss of 99%. With UST (pegged with US dollar) now trading at $0.13, LUNA has managed to move to $0.0000914 on Friday afternoon, making the coin nearly worthless.
Consequently, NFTs that are tied with Terra has shown decline in trading activity.
Suggested Reading | LUNA Not Alone In Crimson: APE, AVAX, SOL, SHIB All Lose 20% In Crypto Crash
Ethereum Loses Shine
On the other hand, Ethereum (ETH) is currently trading at $2,000 which suffered a decline compared to its trading value last week at $2,800.
The lowered prices of ETH have trigged the dip on ETH NFT prices associated with a decline in gas fees that power up 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 Suffer Decline
Meanwhile, CryptoPunks, Bored Ape Yacht Club (BAYC), and other blue-chip projects have also been dragged down with their trading value faring to the lowest of low in the past month. Their prices dipped by 63% of May 12.
The daily sales or trading activity has been incredibly erratic which went with the range of eight and 67 NFTs observed since the early days of May.
Its floor price has taken the punches which caused it to drop to around 89 ETH or $169,792 on May 12 and was revived up to 99 ETH on Friday when the market experienced stabilization.
Otherdeed NFT Soaring Amid…