24-Hour NFT Market: Value of Popular Projects Plummets

Author: James Morales, translated by Blocking for BeInCrypto


In the past 24 hours, the floor price of many NFT collections has dropped sharply. One of the biggest losers has been the NFTs sourced from the Azuki ecosystem. Yuga Labs’ HV-MTL NFT has also dropped more than 24% since last Friday, down to a quarter of its launch price in March.

Top NFT collections’ floor prices have plummeted in the past 24 hours.

Some of the NFT collections hardest hit come from the Azuki ecosystem. The floor price of Yuga Labs’ latest crypto-gaming product, HV-MTL, has also taken a beating.

Azuki NFT collections have fallen over 20% on the floor price

CoinGecko data shows that NFT collections from Azuki ecosystem are among the largest projects to plummet in price over the weekend;

At the time of writing, the floor prices of Azuki, Alemental, and Azuki Elemental Beanz collections have all fallen more than 20% within 24 hours. That means the lowest prices people are willing to pay have dropped by a fifth in the past day.

During the market crash on Sunday, Azuki DAO began voting on a proposal that could see it attempt to sue Azuki creator known as Zagabond.

The proposal suggests the DAO hires lawyers and sues Zagabond, accusing him of fraud across multiple projects.

The proposal did not specify details of the allegations. However, many Azuki holders were generally unhappy when they learned that Zagabond was behind the failed NFT projects (Phunks, Tendies, and Zunks).

The DAO hopes to get 20,000 ETH in compensation from Zagabond. Zagabond, whose real name is Alex Xu, is a founding member of Chiu Labs, which created the Azuki NFT project.

The floor price of Yuga Labs’ HV-MTL NFT collection has dropped to a quarter of its March launch level.

Another NFT collection to suffer a floor price crash recently is the crypto-gaming project HV-MTL. Its floor price has dropped over 24% since last Friday.

HV-MTL NFTs come from HV-MTL Forge. The game combines Minecraft-like world-building with character-raising elements akin to toy pets and Neopets.

HV-MTL was developed by Yuga Labs, which also created the Bored Ape Yacht Club NFTs, launched in March. The associated NFTs initially had a floor price of over 2 ETH.

However, after three months of hype and price drops, the floor price of HV-MTL’s NFT is currently below 0.5 Ethereum.

The floor price of Bored Ape Yacht Club (BAYC) also dropped, but it still has enough value to be stolen by hackers

The floor price of Bored Ape Yacht Club (BAYC) dropped by 7% in the last 24 hours. However, the Bored Ape Yacht Club (BAYC) series remains the most active in trading, with sales of 5,110 ETH in the last 24 hours.

Since some of BAYC’s NFTs have been sold for millions of dollars, digital collectibles have attracted the attention of hackers. Last Friday, two bored apes were stolen by NFT hacker Fake_Phishing182232.

Shortly after being stolen, Bored Ape #2330 and #8177 were sold on the Blur market. The hacker made a total profit of 70.44 ETH (nearly $153,000) from this theft.

Like what you're reading? Subscribe to our top stories.

We will continue to update Gambling Chain; if you have any questions or suggestions, please contact us!

Follow us on Twitter, Facebook, YouTube, and TikTok.


Was this article helpful?

93 out of 132 found this helpful

Gambling Chain Logo
Digital Asset Investment
Real world, Metaverse and Network.
Build Daos that bring Decentralized finance to more and more persons Who love Web3.
Website and other Media Daos

Products used

GC Wallet

Send targeted currencies to the right people at the right time.