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As the crypto bear market continues, NFT prices take a beating

After Terra’s collapse, stablecoins lost their peg, and Bitcoin’s tumble below $30,000 raises fears of a lengthy bear market.

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Crypto has a tendency of bringing even the most confident people to their knees, and this market is not for the faint of heart. Investors in nonfungible tokens (NFTs) have entered a bear market, and the recent chaos is affecting community morale.

NFT prices fell after the US Federal Reserve hiked interest rates, Terra’s LUNA and UST-based platforms crashed, and traders realized the entire sector could be in a bear market.

The situation isn’t as awful as it was in 2018, but the NFT market isn’t as experienced. Regardless, investors are already preparing for future profits and methods to weather the current market collapse.

Will blue-chip tier NFTs be able to keep their ground?

Despite some floor prices plummeting nearly 25% in the last seven days, most blue-chip tier NFTs remained in the top ten in total sales volume week after week

The floor price of Yuga Labs’ Otherdeed NFTs, Bored Ape Yacht Club (BAYC), and Mutant Ape Yacht Club (MAYC) has all been reduced. BAYC has recovered from a drop in floor price following the debut of Otherdeed, and has only lost 3% in the last seven days. In the last seven days, the floor price of MAYC has dropped roughly 13%.

MAYC has had a wild ride, plummeting from a high of 41.2 Ether (ETH) to a low of $120,386 at the time. MAYC is currently priced at 19.6 Ether, a 53% reduction since MAYC’s pump was primarily owing to their eligibility to claim Yuga Labs’ Otherside’s Otherdeed NFT.

Despite the uproar and controversy surrounding the Otherdeed NFT decline, the project still ranks first in total volume despite a 75 percent drop in the last seven days.

The utility of these digital lands is yet unknown, and Otherdeed’s floor price has been steadily declining. The floor price has plummeted 1.2 percent in the last seven days, while the price has dropped 55 percent from its all-time high of 7.4 Ether since minting.

The CloneX floor pricing at RTFKT studio has dropped approximately 13% in the last seven days, with volume dropping slightly more than 12%. The community, on the other hand, is unconcerned about these figures.

Despite the current slump, the RTFKT scene is humming following the New York City opening of Japanese contemporary artist Takashi Murakami’s An Arrow through History. Murakami Flowers, Murakami’s first NFT collection, is on display at the Gagosian Gallery, and includes CloneX-inspired pieces as well as pieces from Murakami’s first NFT collection.

Despite the fact that the NFT market has cooled, the pricing appears to be a spectacular sale to certain investors wanting to profit on news. As it turned out, touted blue-chip Azuki NFT took the biggest hit, owing to one of its creators, Zagabond, openly admitting to rugging the CryptoPhunks and Tendies community in the past.

Source: Twitter

The rumors and the news are bought by NFT investors.

Traders “buy the rumor, sell the news,” as the old adage goes, in order to maximize profits. Holders opted to vote with their assets in response to Zagabond’s admission, and Azuki’s floor price fell by 74%.

Despite this volatility, Azuki is now at the top of the OpenSea charts for overall sales volume.

Although NFTs are still seen as the Wild West, some investors are realizing that everyone’s morals and ethics are a little different. Azuki’s floor price plummeted as the news broke, but key NFT influencers were eager to get in and sweep the floors for future chances.

Since May 10, the Azuki floor price has progressively risen above 10 Ether, resulting in a staggering 200 percent increase in total sales volume following the dissemination of new information.

Traders “buy the rumor, sell the news,” as the old adage goes, in order to maximize profits. Holders opted to vote with their assets in response to Zagabond’s admission, and Azuki’s floor price fell by 74%.

Despite this volatility, Azuki is now at the top of the OpenSea charts for overall sales volume.

Although NFTs are still seen as the Wild West, some investors are realizing that everyone’s morals and ethics are a little different. Azuki’s floor price plummeted as the news broke, but key NFT influencers were eager to get in and sweep the floors for future chances.

Since May 10, the Azuki floor price has progressively risen above 10 Ether, resulting in a staggering 200 percent increase in total sales volume following the dissemination of new information.

BEANZ, Azuki’s partner collection, had also slashed its floor price by 83 percent. Despite the 248 percent increase in volume, BEANZ’ total sales volume fell by 64% in the previous week.

BEANZ was trading at 6.8 Ether before the announcement, then after the reveal, the price progressively dropped to 1.65 Ether.

Other anime-inspired releases have surfaced, including PXN: Ghost Division NFT, which climbed to the top of the OpenSea volume charts. In its pre-reveal stage, Ragnarok Meta also rose, although rumors that Zagabond was behind the project appear to be dragging on price.

ART & COLLECTABLES

NHL Opens Hockey Collectibles NFT Marketplace

The NHL, along with its Alumni Association and Players’ Association, said on Thursday that it has joined with NFT platform Sweet to build a distinctive NFT marketplace and libraries of NFTs—individual blockchain tokens that denote ownership.

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The NHL’s market will fall between a full-fledged NFT trading platform and a website that enables momentary NFT drops, according to David Lehanski, the league’s executive vice president of business development and innovation.

By creating an NFT marketplace with exclusive releases, the NHL hopes to give fans a little bit of both. In preparation for the commencement of the 2022–2023 season, the NHL’s Sweet marketplace is anticipated to launch in October.

The NHL aims to gamify NFTs with “questing and collecting” components so that fans will interact and can be rewarded with benefits like other NFTs, according to Lehanski, who spoke to Decrypt.

Depending on a player’s performance, some of the NFTs will also be dynamic and alter over time. According to a statement, NFTs will also include “cinematic game highlights from past and present NHL seasons” or surprise packs of NFTs that may be seen in “3D interactive trophy rooms.”

Lehanski claimed that the NHL wasn’t yet ready to reveal which blockchain it would be constructing on. Though it might be on Polygon or Tezos if Sweet’s offerings are any indicator.

Lehanski stated, “We’re looking at everything,” and that the NHL’s top priorities in its search for a blockchain include “cheap gas expenses” and “environmental sustainability.”

The NHL is one of the most recent major professional sports leagues to enter the NFT market, following the NBA’s Top Shot NFTs, the NFL’s “play and own” NFT game, and MLB’s impending NFT contest.

Lehanski commented on the NHL’s approach to NFTs, saying, “There was clearly a lot of temptation to potentially moving very rapidly […] but we thought that was a little shortsighted.” He added that, in his opinion, spending the time to investigate indicators like fan behavior was worthwhile. Especially in relation to digital collectibles and gaming, NFTs have a long-term future as relevant and meaningful items for enthusiasts.

But according to Sweet CEO Tom Mizzone, the NHL’s NFTs won’t simply be targeted at hockey fans who are unfamiliar with cryptocurrencies; seasoned NFT collectors will also be able to participate in a way that feels natural to them.

It will undoubtedly appeal to that degen culture, he continued, but not to the extent that it excludes fancier consumer bases.

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ART & COLLECTABLES

The CryptoPunk Sale raises $100,000 in Ethereum to support the war effort in Ukraine

Before the recent crash, the NFT was worth about three times that when it was donated in March.

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The Ukrainian government stated today that their Aid for Ukraine crypto fundraising campaign sold a donated Cryptopunk NFT and raised over $100,000 to support the country’s anti-Russian war efforts.

In March, Cryptopunk #5364 was donated to a Ukrainian crypto fund. The fund sold the NFT to an unidentified buyer for 90 ETH yesterday. NFTs are digital or physical assets that are represented by blockchain-based tokens.

In a tweet today, Alex Bornyakov, Ukraine’s Deputy Minister of Digital Transformation—the office in charge of supervising the country’s crypto fundraising throughout the war—announced the sale.

In late February, just after Russian troops entered the country, Ukraine began receiving crypto and NFT donations. Since then, the country is said to have raised more than $135 million in cryptocurrencies through cryptocurrency donations and the selling of given NFTs.

A crypto organization collected $6.75 million for Ukraine’s military effort in early March by selling a single NFT of the Ukrainian flag. The Ukrainian rap group Kalush Orchestra, this year’s Eurovision champions, auctioned off their trophy to generate nearly $1 million in ETH for the foundation a few weeks ago.

The cryptocurrency fund assists Ukraine’s military in purchasing non-lethal goods such as protective vests and medical kits. The Ukrainian government does not hold or spend the funds; it just approves and monitors the initiative. The fund’s treasury is run by the Ukrainian crypto exchange Kuna, which is used to assist support volunteer purchases.

Ukraine’s use of cryptocurrency throughout the crisis has acted as a case study for the potential benefits of crypto in geopolitical conflicts where fiat currency (such as US dollars) is difficult to move fast.

It’s also brought up some possible downsides. Although U.S. Treasury Secretary Janet Yellen claims the practice hasn’t been widely seen, the International Monetary Fund warned in April that Russia could circumvent economic sanctions by mining cryptocurrency.

Furthermore, the present crypto bear market has completely exposed crypto and NFT donations. The price of Ethereum has dropped about 70% in the previous ten weeks, severely limiting the fundraising possibilities of NFT collections based on Ethereum, such as Cryptopunks.

The Cryptopunk that was sold yesterday raised just over $100,000 for Ukraine’s war effort; the same amount of ETH would have been worth almost $267,000 on the day the NFT was given in March.

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ART & COLLECTABLES

Jay-Legendary Z’s Sneakers Are Worth More Than 1 BTC As an NFT, go to auction

Relevant Customs, a well-known shoe brand in celebrity circles, has launched an auction for a “artist-proven” pair of the iconic Brooklyn Zoo sneakers. On the ClubRare platform, the auction will take place on June 21.

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Only ten pairs of Brooklyn Zoo sneakers were ever made, and thanks to Jay-Z, one pair went viral, selling for more than $24,000, which is now more than the value of a single Bitcoin. Now, the artist has shown the sneaker’s initial prototype, the same pattern that was used to make the other ten shoes. On June 21, the “Brooklyn Zoo” Jordans will be auctioned off as an NFT-supported, Metaverse-compatible item. This is the only pair of Brooklyn Zoo sneakers with web3 functionality.

NFT-commerce
Despite the fact that the cryptocurrency market is currently experiencing a major downturn, NFT assets are the first to be sold by investors, losing the greatest value. As the preceding news shows, NFT aficionados and entrepreneurs are unconcerned about the current state of affairs. On the contrary, based on their activities, they appear to want to give NFT collectibles greater weight and establish them as a whole entity. As a result, Paul Chung, the CEO of ClubRare, planned a Brooklyn Zoo Jordans auction conference on the future of e-commerce on blockchain.

This is an extremely crucial question. NFT assets are no longer associated with anything other than conjecture and pricey photos, thanks to their original high buzz. But it’s crucial to emphasize that, first and foremost, it’s a fantastic tool for registering ownership and e-commerce, and that every digital area of products and services turnover can benefit from these features.

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