Crypto Market Downturn Leads to Steep Drop in Blue-chip Ethereum NFTs


By Ornella Hernandez/
May 13, 2022
Originally Published at Blockworks
  • With lower ETH prices, floor prices of blue chip NFT collections are going down
  • NFT trading volumes have also dropped to their lowest monthly levels

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.

Ether’s lower prices, on the other hand, have caused a lingering drop in ETH NFT floor prices, along with lower gas fees (which power transactions on the ethereum blockchain).

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. 

While the range of daily sales has fluctuated between eight and 67 NFTs on any given day since the beginning of May, the collection’s floor price has taken a more consistent hit.

It dropped to 89 ETH ($169,792) on May 12 and went back up to 99 eth Friday as markets showed signs of stabilizing. BAYC’s floor price peaked at 152 ETH and nearly crashed the Ethereum network on the eve of the debut of Yuga Labs’ Otherdeed for Otherside collection in early May. 

Otherdeed NFTs — required to purchase land in the Otherside metaverse — remain in the top 10 collections with the highest trading volume since its debut on OpenSea. It ranks alongside its parent company’s other collections like BAYC and Mutant Ape Yacht Club in that respect.

Otherdeed for Otherside’s transactions have declined precipitously since launch, from $375 million in volume to $6.5 million, accordingOpens in a new tab. to NFTGo. Even so, the collection has recorded some of the highest priced NFTs this week, accordingOpens in a new tab. to NonFungible.com. 

Otherdeed for Otherside #59906 sold for 625 ETH, equivalent to $1.6 million.

Other NFT collections that continue to lead the charts this past week include Art Blocks, Doodles, Moonbirds and Azuki and Beanz collections, even after its founder revealed he was part of three previously failed NFT projectsOpens in a new tab..

Market conditions have also prompted some NFT investors to try to liquidate their holdings, amid considerable losses

In other NFT news, Meta began testing an NFT display featureOpens in a new tab. for a select group of Instagram creators and collectors earlier this week. Once the function becomes publicly available, it could potentially affect the greater NFT market.



  • Ornella HernandezBlockworksReporterOrnella is a Miami-based multimedia journalist covering NFTs, the metaverse and DeFi. Prior to joining Blockworks, she reported for Cointelegraph and has also worked for TV outlets such as CNBC and Telemundo. She originally began investing in ethereum after hearing about it from her dad and hasn’t looked back since. She speaks English, Spanish, French and Italian.
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Dale Calvert

Dale Calvert is a serial entreprenuer. He started his first business at age 14, a direct mail business out of his parents home. Dale has always believed that wealth is created in front of a trend. This business philosophy lead him into the cryptocurrency space in 2017, He made the decision in 2022, that the cryptocurrency space is where he will be spending the majority of his time.

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