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Ethereum NFTs Recover After Crypto Meltdown, Azuki Keeps Falling

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.

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.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Tadas Klimasevskis is a blockchain journalist and content creator, focusing on the latest tendencies of the crypto world and digging deeper into specific innovations like music NFTs, gaming NFTs and Metaverse. Vast experience in social media lets Tadas quickly spot what’s going on in the crypto industry and deliver a story with a unique spin.