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Largest NFT Collections Drop More Than 20% Amid Market Crash and Inner Scandals

Wed, 05/11/2022 - 09:21
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Gamza Khanzadaev
Azuki collection decided to add more fuel to fire
Largest NFT Collections Drop More Than 20% Amid Market Crash and Inner Scandals
Cover image via stock.adobe.com

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The biggest NFT collections by market capitalization, such as Bored Ape Yacht Club, Crypto Punks, CloneX and the freshest Otherdeed by Otherside, experienced a major hit and dropped from 10% to 20% of their floor price in the past three days, according to Nansen metrics.

This would be less dramatic amid the overall crypto market crash, but Zagabond, the founder of one of the top NFT collections, Azuki, decided to add more fuel to the already flaming fire.

Twitter announces the death of Azuki 

This is the kind of post that Crypto twitter is now full of. Why bury one of the top NFT collections of the moment?

The reason is simple, as the founder of NFT Azuki told of his unsuccessful participation in previous projects: Cryptophunks, Tendies and Cryptozunks, all of which were abandoned.

The announcement was met with negative reaction from the NFT community, which accused Zagabond of rug pulling previous collections and impersonating a female curator.

After the described events, Azuki's price on the OpenSea secondary market dropped from 19 to 9.49 ETH where, according to Nansen, a significant number of smart NFT players chose to turn a blind eye to the founder's past and accepted the repurchasing of the project's collectibles.

As of today, the largest collections recovered their positions partly with Mutant Ape Yacht Club, Adidas: Metaverse and NFT Worlds all gaining 19% in floor price during the past 24 hours. But all in all, the market is still underwater and has left "JPEG" enthusiasts frustrated.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.