24-hour NFT market: The value of popular projects plummets

Author: James Morales, beincrypto Compilation: Jinse Finance, Shan Ouba

Summary

In the past 24 hours, the base price of many NFT series has dropped sharply. One of the biggest losers are NFTs originating from the Azuki ecosystem. The base price of Yuga Labs’ HV-MTL NFT has also dropped more than 24% since last Friday, and is only a quarter of what it was when the project launched in March.

** Over the past 24 hours, the bottom price of the top NFT series has dropped sharply. **

Some of the most affected NFT collections are from the Azuki ecosystem. The base price of Yuga Labs’ latest crypto game product, HV-MTL, has also dropped significantly.

The floor price of Azuki NFT series has dropped by more than 20%

According to data from CoinGecko, the NFT series of the Azuki ecosystem was one of the largest projects in the price crash over the weekend;

Reserve prices for the Azuki, Alemental and Azuki Elemental Beanz ranges have all dropped more than 20% in 24 hours as of this writing. That means the minimum price people are willing to pay has dropped by a fifth in the past day.

On Sunday amid the market crash, the Azuki DAO began voting on a proposal that could lead to its attempt to sue the creator of Azuki, known as Zagabond.

The proposal recommends that the DAO hire lawyers and file a lawsuit against Zagabond, accusing him of committing fraud across multiple projects.

The proposal did not specify the details of the charges. However, there was widespread displeasure among many Azuki holders when it became known that Zagabond was behind previously failed NFT projects (Phunks, Tendies, and Zunks).

The DAO wants 20,000 ETH in compensation from Zagabond. A founding member of Chiu Labs, which founded the Azuki NFT project, Zagabond’s real name is Alex Xu.

**The base price of Yuga Labs' HV-MTL NFT series has been reduced to a quarter of its March release level. **

Recently, another NFT series whose base price has plummeted is the encrypted game project HV-MTL. The range's reserve price is down more than 24 percent since last Friday.

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

HV-MTL was developed by Yuga Labs, who also created Bored Ape Yacht Club NFTs, which launched in March. The initial base price of the NFT associated with this was more than 2 ETH.

However, after three months of falling hype and falling prices, HV-MTL’s NFT currently has a base price of less than 0.5 ETH.

The floor price of Boring Ape also dropped, but still has enough value to be stolen by hackers

The floor price of Boring Ape fell 7% in 24 hours. However, the Bored Ape Yacht Club (BAYC) series is still the most actively traded, with sales reaching 5,110 ETH in 24 hours.

Digital collectibles have caught the attention of hackers as some of BAYC's NFTs have sold for millions. On Friday, two boring apes were stolen by NFT hacker Fake_Phishing182232.

Shortly after being stolen, Boring Apes #2330 and #8177 were sold on Blur Market. The hacker made a total of 70.44 ETH (nearly $153,000) from the theft.