The NFT market has experienced a major shock over the last three days, with over 1,200 NFTs being liquidated due to record plunges in the lowest prices of several well-known or “blue-chip” NFTs.

data From the NFT analysis site, snow genesis, It shows that hundreds of NFTs used as collateral for loans are at risk of being liquidated. Some of these debts have been repaid, but some NFTs have already been put up for auction. The table below shows the latest NFT liquidations by Snow Genesis at the time of writing.

snow genesis
Source: Snow Genesis

Cirrus NFT, Wambo Institute, I got it Several investors who took out loans with excellent NFTs, such as AZUKI, CloneX, MAYC, and BAYC, were affected during this period. The Beanz NFT collection saw the most liquidations, with 636 of his NFTs affected, representing 3% of the total supply.

Cirrus stressed that the pace of these liquidations has been astonishing, averaging between 10 and 15 NFTs per day last year. However, he added:

“The good news is that liquidation speeds have slowed significantly in recent hours, leaving us with a tremendous amount of underwater financing.”

NFT lowest price tank

The floor prices of several NFT collections dropped significantly last week, despite price increases across the broader cryptocurrency market.

According to Coingecko, Bored Ape NFT’s lowest price fell below 30 ETH on July 2, the lowest since October 2021, before recovering to its current value of 31.5 ETH. data.

At its peak, Bored Ape NFTs sold for over 500 ETH, and several A-list celebrities, including Justin Bieber, spent over $1 million on one of their collections.

Azuki also recorded heavy losses to holders following the clumsy release of the Elementals collection.The lowest price in the collection has dropped more than 20% of his, and members of the community suggestion Suing founder Zagabond for 20,000 ETH.

Meanwhile, other quality NFT collections such as DeGods, Pudgy Pegions, Azuki Elementals, BAKC and Moonbirds also saw their values ​​take a hit during the reporting period.

Post-blue chip NFTs have been hit hard as over 1,200 liquidations first appeared on CryptoSlate and rocked the market.

By Jules

Leave a Reply