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This week’s featured collector is Nowhere_
Nowhere_ collects Solana NFTs and they especially love Hot Spring Apes. If your curious about the NFTs on Solana, take a look at Nowhere_’s collection at lazy.com/nowhere_
This week in NFTs: Market Sentiments & Trends
Hello NFT enthusiasts,
The non-fungible token (NFT) landscape is never devoid of action, and the last week has been no exception. From controversial DAOs to blue-chip project declines, the NFT market has seen significant events that warrant a closer look.
The Azuki Saga
A decentralized autonomous organization (DAO) named AzukiDAO, consisting of Azuki enthusiasts, has stirred the pot in the NFT space. The DAO proposed to reclaim 20,000 ETH (around $39 million) from Alex Xu, aka Zagabond, the founder of the blue-chip NFT brand Azuki. This came after the controversial launch of Azuki’s “Elementals” NFT collection, which led to allegations of “rugging” against Zagabond.
Some, however, are questioning the legitimacy of the AzukiDAO. The DAO token, used for voting on the proposal, was minted only two days before the vote, and its online presence seems to be rather recent. Whether AzukiDAO is genuinely representing the interests of the Azuki community remains to be seen.
A “Black Weekend” for Blue Chip NFTs
The NFT market has seen substantial price fluctuations, with notable “blue chip” projects experiencing declines. The Bored Ape Yacht Club, which hit a peak minimum price of 152 ETH ($429,000) in April 2022, experienced a drastic fall over the weekend, hitting a floor price not seen in nearly two years. The Mutant Ape Yacht Club and Azuki also saw their floor prices dip.
This recent plunge has been further fueled by a significant sell-off of Bored Apes by notable collector Machi Big Brother. This sale triggered a ripple effect, impacting not just Apes but also other NFT projects.
These price drops, however, do not spell doom for the NFT space but rather reflect a market correction and repricing of PFP brands, which had seen substantial price hikes in previous periods. In times of turbulence, it’s crucial to remember that NFTs are a relatively new asset class and are prone to volatility in both directions.
Looking Forward
It’s also important to remember that the intrinsic value of NFTs isn’t always tied to a brand’s performance or a project’s roadmap but can also be linked to the unique characteristics and sentimental value of the artwork itself.
As we navigate this dynamic landscape, let’s continue to keep a close eye on market trends and stay informed. The current market sentiment is feeling bearish, but as history has shown us, it’s more likely than not that the sentiment will swing in the other direction in the future.
Stay tuned, stay cautious, and most importantly, stay passionate about the art and the technology that make NFTs so fascinating.
This week’s poll: Will you collect a “blue chip” NFT if there are further price declines?
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