Blue Chip NFT floor prices sank across the board during the day on Monday (Asia time) as fears of blanket liquidations in several stablecoin and yield products gripped broader crypto markets.
Binance paused $BTC withdrawals just after 12:00 UTC.
NFT market volume decreased for a 3rd consecutive day, down from a January high of over $1bn per day. Bored Ape Yacht Club’s floor price slipped below 70 ETH, and CryptoPunks was below 50 ETH at press. Newcomers goblintown.wtf and mfers retested or broke lows from the end of May.
Unique NFT buyers and sellers were also down below 46,000, from a January high of over 97,000. Despite this, OpenSea NFT transactions remained largely stable, above 100,000 per day.
With data inreasingly displaying a concentration of activity amongst more engaged NFT traders, DEXterLab also completed a series of Twitter polls supporting the theory that NFT traders are increasingly profit-driven. More than 60% of respondents to one poll reported that they had lost money trading NFTs.
GameFi projects were also not immune to the carnage, with $SAND seeing a price dip and Twitter analysts predicting further damage. P2E publisher Axie Infinity was trading under $15 at press, down from an all-time-high of over $150.
Other indicators still point to a healthy overall market, and sufficient liquidity for major players to weather the bear market.
Nexo offered to acquire any of remaining assets held by Celsius.
Binance also (prior to pausing $BTC withdrawals) maintained they had a healthy amount of liquidity, and were expanding operations rather than closing them down.
Seth Green’s stolen Bored Ape was also re-acquired, but at a cost.
Markets will have to shake off lending risk before a recovery can continue, and before liquidity can return in force to the NFT markets.
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