ETH NFT Prices Rebound But Azuki Keeps On Tanking

Time Stamp: May 11, 2022 7:53 AM
Source Node: 1303227

The ETH NFT prices rebound but Azuki keeps on crashing and it is crashing even harder so what could be the case? Let’s find out more in today’s latest ethereum news.

Bored apes, Moonbirds, and other ETH NFT prices rebound but it seems that Azuki is crashing further. Azuki is the main exception with its entry-level price crashing by 42% due to the controversy over one of the founders of the project. Most of the valuable NFT collections did see rapid declining price points yesterday as the fear and the uncertainty around the crypto market crash seemed to pour into the tokenized collectibles space. However, most of those NFT projects regained a lot of value with one exception: Azuki.

Azuki is an Ethereum profile picture collection that was entangled in some controversy over the past day. The data from NFT price Floor shows that the floor price listed on secondary markets for projects like BAYC, Moonbirds, Mutant Ape Yacht Club, and Doodles bounced back by double-digit percentages. On the other hand, the rising valuations are correlated to the price of ETH which increased from yesterday’s low, and now the price is set at $2300 but that is not the whole store since many collections’ lowest-priced NFTs are up dramatically when measured in ETH.

azuki

Moonbirds is a  hot new project launched last month by Kevin Rose and PROOF Collective and saw one of the biggest bouncebacks today among the blue-chip NFT projects. The floor price for Moonbirds sits at 24 ETH which marks a 41% rise in value in the past day. Measured in USD, the Bored Ape Yacht Club floor is up 15% today to $230,000 and Mutant Ape is up by 23%. CryptoPunks saw a modest bump at 5% to over $123,000 while meebits popped up 28% to $13,400. the NFTs act like a blockchain-backed receipt to the digital items and can represent things like one-of-a-kind profile pictures, sports collectibles, and more.

Among the popular NFT collections, Azuki is the odd project out because, after the recent controversy about the NFT projects that one founder hadn’t disclosed, the floor price of the project lost 43% of its USD value in the past day and dropped to about $24,000. while leading NFT marketplace OpenSea had a slow single day of ETH NFT trading volume on Sunday, about $52.3 million worth recorded, it saw a bounce back on Monday to $83.4 million. Azuki NFTs have been the hot sellers in the past day as the holders bailed out and the newcomers hoped to score a deal. The reports show that nearly $45 million worth of Azuki sales in the past day on all marketplaces saw a 734% increase over the previous period.

Despite some gains from other projects, the top project Bored Ape Yacht Club is well off its peak price. As of now, the starting price of a BAYC NFT is down by 46% in less than two weeks.

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