Most of the top Ethereum NFT projects, including Moonbirds and Bored Ape Yacht, have recovered price points since Monday. The crypto market crash this week has left a lot of top cryptocurrencies in the red, especially Terra (LUNA), which dropped by 96.5% in the last 24 hours.
Most of the NFT Projects Are Regaining Their Losses
NFTs are blockchain-related receipts for a purchased digital item, making cryptocurrencies and NFT projects work in sync. NFT Price Floor indicates that most top Ethereum NFT projects have seen an increase of 10-20%. This includes but is not limited to Bored Ape Yacht Club, Mutant Ape Yacht Club, Clone X, and Moonbirds. In part, the reason behind that is Ethereum’s price. ETH sits at $1,900.5 now and is up 2.7% in the last hour. Despite losing about 16% of its worth, Ethereum (ETH) took less of a hit than Bitcoin (BTC), which dropped to its lowest point in two years at $26,910.
Rollercoaster for Freshly-made Moonbirds
The Moonbirds NFT project is one of the freshest ones in the market and has already seen some dramatic ups and downs. Launched just in April, Moonbirds NFT currently sits at 25 ETH per piece, which is over 40% more than 24 hours ago. Yesterday, tech entrepreneur Kevin Rose and the PROOF collective had a rainy day, when the new project’s floor price dropped to 17 ETH. The same tendency can be seen with the Bored Ape Yacht Club, which is back up by 15% and costs 99.8 ETH per piece.
this is likely my 10th or so crypto downturn. the first few were tough. just remember china introduced paper currency and it took europe 500 years to adopt the idea. this is happening much faster. shifting my thinking to decades not days/months/years helped. wagmi
— KΞVIN Râ—ŽSE (🪹,🦉) (@kevinrose) May 9, 2022
Azuki’s Downfall Continues
In spite of most of the well-known Ethereum NFT projects regaining their strength, Azuki is still going through trials and tribulations. The controversy surrounding Azuki’s founder Zagabond has made a dramatic impact on the floor price, which now sits at 9 ETH.
The scandal surrounding Azuki exposed the owner’s dishonesty, in relation to an undisclosed connection to previous NFT projects and multiple nicknames. Azuki NFT has seen a bearish tendency, with CryptoSlam reporting over $45 million in Azuki NFT sales in the last 24 hours. Some buyers want to take advantage of the opportunity to acquire an Azuki NFT for a low price, while a lot of holders are trying to bail out of the situation.
I fucked up.
— ZAGABOND.ETH (@ZAGABOND) May 11, 2022
After the spaces today, I realized my shortcomings in how I handled the prior projects which I started. To the communities I walked away from, to Azuki holders, and to those who believed in me — I’m truly sorry.
1/x
