Crypto Market Downturn Leads to Steep Drop in Blue-chip Ethereum NFTs
The current cryptocurrency downtrend has prices plunging across the board — and with the value of crypto falling, so have NFTs in dollar terms been declining over the past few weeks. Ethereum (ETH), the leader of the NFT market, is trading around $2,000 at the time of publication, down from $2,800 a week ago. Terra’s stablecoin, TerraUSD (UST), and its native token, LUNA, collapsed in recent days, losing more than 99%.
While UST de-pegged from its one-to-one tandem with the US dollar and is trading at $0.13, LUNA hovered around $0.0000914 Friday afternoon.NFTs built on Terra, meanwhile, marked record levels of trading activity on May 11 that have since declined.Blue-chip projects, such as Bored Ape Yacht Club (BAYC) and CryptoPunks, have been no exception. Trading of Bored Ape Yacht Club collectibles on OpenSea fell to its lowest point in the past month, down 63% on May 12 over a seven-day period.
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