of NFTs A mountain of 1,200 irreplaceable collectibles was dumped in liquidation after the market slump over the past week, resulting in a number of prime assets dropping to new lows. I was.

According to data from the NFT analysis website, snow genesis, a sea of ​​NFTs used as collateral for loans is on the verge of a financial crisis. Even though some of those debts have been paid off, many digital tokens are being auctioned off.

Good NFT projects take a hit

The NFT market has turned upside down, with Azuki’s bean collection taking the hardest hit. A whopping 636 of those digital assets (accounting for 3% of total inventory) are currently liquidating on the NFT market.

In addition, Bored Ape Yacht Club’s lowest price fell to 30 ETH on July 30, marking the lowest dollar value since August 2021 despite hitting a high of 150 ETH during its heyday, and just Icons like Bieber paid six-figure sums to amass one of their assets. However, the project has since recovered to its current value of 31.5 ETH. Coin Gecko — Bieber reportedly lost more than $1 million.

Another NFT giant (one of them named Azuki) also captures the short end of the stick. After discouraging collectors by receiving duplicate artwork in the recent Elementals price cut, the starting price dropped significantly, causing an uproar among community members and now raises 20,000 ETH at launch Some demand compensation for lost elemental assets.

For more information: “Inappropriate Elemental Drop Followed by Azuki Implosion”

Other NFT projects facing major setbacks include Otherdeed, DeGods and Moonbirds. But to leaveOn the positive side, there seems to be a silver lining behind the liquidation of the NFT market. The pace of sales has slowed rapidly and there is no longer an excessive amount of buried loans.

want more? Connect with NFT Plaza

Join our weekly newsletter
follow me on twitter
Like us on Facebook
Follow us on Instagram

*All investment/financial opinions expressed by NFT PLAZA are based on the personal research and experience of the site moderators and are for educational materials only. Individuals should thoroughly research any product before making any type of investment.

By Jules

Leave a Reply