The NFT market at the moment is going through a major clean-up with many Blue Chip NFT collections seeing deep discounts and bad news across the entire market. Perhaps it has been a long time since investors have witnessed such a terrible price drop like the present time. In this article, let’s go through an overview and notable information on the market, let’s find out with Weakhand.
NFT Market Overview
Over the past few days, the NFT market has been dyed in the red and has seen a sharp drop in prices for Blue Chip collections with Bored Ape Yacht Club (BAYC) dropping 28% and seeing a price of 27.49 ETH for the first time since May. October 2021, Degods decreased by 22% or even Azuki decreased by up to 63% in the last 7 days.
The big discount comes from Blue Chip NFT sets
Regarding the greed and fear index, the index is currently falling around 31 points showing the level of fear. Meanwhile, the last 24 hours saw 6916 Buyers and 6706 Sellers and the last 30 days saw losses of 445,079 wallet addresses and only 50,313 wallet addresses were profitable. In general, the entire market is witnessing losses and fear surrounding the entire market.
Market sentiment index
Regarding the market capitalization list, divided into categories:
Capitalization portfolio
The PFP segment holds the majority with more than 90% of the entire market capitalization. Next are some areas about Games, Art or Metaverse,…
Regarding the top collections ranked by market capitalization: CryptoPunks is still the collection with the highest market capitalization with a Market Cap of nearly 900M USD, followed by Bored Ape Yacht Club (BAYC) with a Market Cap is 540M USD,…
Collections with the highest capitalization on the market
Major Events Appearing on the Market
Azuki launches Azuki Elementals
On June 27, 2023, Azuki Elementals was officially launched on the market after information revealed at the event “Follow The Rabbit 2023” held in Las Vegas. The new collection was sold in the form of a Dutch auction with a starting price of 2 ETH and priority given to Azuki and Beanz holders who participated first. Just 15 minutes from the time of sale, all NFTs in the collection were sold out and witnessed record sales of up to 38M USD.
Solana Monkey Business launches SMB Gen3
Solana Monkey Business officially launched SMB Gen3 on June 27, 2023 with total revenue reaching 1.58M Sol equivalent to $31.6M USD. This is a quite large number and created a level of hype that helped Solana surpass Ethereum to become the Blockchain with the highest revenue source in the past 24 hours.
Memeland launches new images for The Captainz collection
Memeland launches new images for The Captainz collection
On July 2, 2023, Memeland officially announced a change to the images appearing on NFTs in The Captainz collection. A special point is that each NFT is initially designed with a simple and similar appearance, but they can change their own attributes such as: Clothes, hairstyle, etc. This could be a new direction. helps The Captainz differentiate itself from other collections on the market.
Yuga Labs launches the game HV-MTL Forge
On June 29, 2023, Yuga Labs announced the launch of the first season of the game HV-MTL Forge, where players can create their own spaces and craft creativity that brings amazing experiences to HV-MTL NFT holder.
In the game HV-MTL Forge, players have the opportunity to unleash their creativity by building their own forge. The goal is to keep the HV-MTL character happy and productive, ensuring the creation of notable items. Participants can then submit their crafts to social voting contests, allowing the community to recognize and appreciate their talent. The game promotes healthy competition and rewards players with social recognition and in-game energy for future missions.
Huge FUD Covers Entire Market
Controversy surrounds Yuga Labs
Bored Ape Yacht Club (BAYC) is perhaps one of the most successful NFT collections in the market to date. Buying BAYC is not only from speculative price increase activities but also comes from many benefits that BAYC holders enjoy such as receiving airdrops of BAKC or MAYC. In addition, each BAYC holder also received an airdrop of up to hundreds of thousands of dollars from the ApeCoin token launch event in March 2022.
However, at the present time, Yuga Labs is probably too focused on developing Gaming or Metaverse products and not focusing on developing value for BAYC holders. Besides just being able to Stake BAYC to receive Ape tokens, there is nothing to help BAYC holders earn more profit. This has led to many people selling BAYC NFTs and the price has dropped sharply by more than 30% in just the past 30 days.
Azuki Elementals debuted with failure
Contrary to everyone’s expectations, after its launch, Azuki Elementals received a wave of outcry from the community, causing the entire Azuki ecosystem to be heavily affected. Azuki’s price has decreased by more than 50% and Beanz has even seen an even more terrible decrease of 70% in just the past 7 days.
This comes from the fact that the images on Azuki Elementals are very similar to the original Azuki collection and many people think that instead of spending a few dozen ETH to buy Azuki, you can spend more than 1 ETH to buy Azuki Elementals. with similar images. There are also some opinions about the carelessness in the images on the new collection or the mint time being too short, causing many Azuki and beanz holders to not be able to participate in the mint,… All of which created a wave of backlash. violent reaction recently.
The Captainz – the image is too monotonous and simple
Although it was just released on July 2, 2023, The Captainz immediately encountered a stream of reactions from the community. Many people believe that Memeland spends up to 6 months just to research and develop simple images and they all look the same.
This caused the price of The Captainz to immediately decrease by 30% on the same day. But there is a point to note that attributes such as: skin color, hair style,… can be equipped to the original collection according to each person’s preferences. This is a unique initiative and different from other collections on the market. Therefore, I believe that The Captainz will have better changes in the near future.
Personal Opinion
The fact that most of the market is flooded with red with strong discounts from large collections makes the user community feel confused and fall into a state of fear. However, on the positive side we have the following 2 points:
Clear leverage
Similar to tokens, too many people using leverage to borrow will not be good for the market. Therefore, the recent strong price drop has wiped out huge leverage through specially liquidated loans from Blue Chip collections such as Azuki or BAYC,… This helps the market become clear. cleaner and there will be more sustainable increases in the future.
The number of loans decreased significantly during the recent price reduction
Opportunity to buy and accumulate assets
There is a great quote from Warren Buffett: “Be greedy when others are fearful” and when the market is filled with fear like it is now. This is a good opportunity for people to search and buy good collections. Some collections that are doing well include: Degods, Pudgy Penguins,… or even Azuki. In my personal opinion, with experience in dealing with difficulties in the past and with what Azuki has accomplished, I am confident that Azuki will still be one of the most attractive collections in the future.
summary
The market at the present time is experiencing major turbulence that we have not seen in a long time. Many Blue chip collections have seen deep declines in just a short period of time. Above all, instead of being afraid, now is a good time for people to search and own potential collections for themselves.
