In a tumultuous turn of events, the past 24 hours have witnessed a significant downturn in the floor prices of prominent NFT collections. Among the hardest-hit are the esteemed Azuki ecosystem and Yuga Labs’ crypto gaming venture, HV-MTL. Meanwhile, the ever-popular Bored Ape Yacht Club (BAYC) collection, despite a slight decline, continues to hold its value and even captures the attention of cyber thieves.
The Azuki Ecosystem: A Steep Decline
Latest data reveals a grim reality for the NFT collections within the Azuki ecosystem. The Azuki, Alemental, and Azuki Elemental Beanz collections have all experienced floor price declines of over 20% within a 24-hour period. This staggering drop translates to a fifth of the minimum price individuals were previously willing to pay for these unique digital assets.
In the midst of this market crash, the Azuki DAO has taken a decisive step forward by initiating a proposal to pursue legal action against Zagabond, the creator behind Azuki. The proposal, currently under review, advocates for the DAO to employ legal representation and file a lawsuit against Zagabond, accusing them of multiple project rugs. While the proposal remains vague about the specific allegations, dissatisfaction among Azuki holders arose when it was revealed that Zagabond had previously been associated with failed NFT projects such as Phunks, Tendies, and Zunks.
The Azuki DAO seeks recompense in the form of 20,000 ETH from Zagabond, whose real name is Alex Xu and is also a founding member of Chiu Labs, the entity responsible for the creation of the Azuki NFT project.
HV-MTL: A Drop in Value
Another casualty in the current NFT market downturn is Yuga Labs’ HV-MTL, a crypto gaming project that combines world-building elements reminiscent of Minecraft with guardianship features akin to tamagotchi and Neopets. Since Friday, the floor price of HV-MTL NFTs has plummeted by more than 24%, indicating a significant loss of value.
Yuga Labs, the creative minds behind the renowned Bored Ape Yacht Club NFTs, launched HV-MTL in March with an impressive floor price exceeding 2 ETH. However, over the course of the following three months, the project struggled to maintain its initial hype and experienced a continuous decline in prices. Currently, HV-MTL NFTs trade at a floor price of less than 0.5 ETH, marking a substantial devaluation.
Bored Apes Weather the Storm, but Not Without Consequences
Despite the market turbulence, the floor price of Bored Apes has experienced a minor decline of 7% within the past 24 hours. Nevertheless, the Bored Ape Yacht Club (BAYC) collection remains a dominant force in the NFT market, boasting a 24-hour sales volume of 5,110 ETH.
Having achieved sales in the millions, Bored Ape NFTs have garnered attention from cyber thieves seeking to exploit their value. On Friday, the infamous NFT phishing thief known as Fake_Phishing182232 successfully stole two Bored Apes, identified as #2330 and #8177. Shortly after the theft, the hacker promptly sold the stolen assets on the Blur marketplace, amassing a staggering sum of 70.44 ETH, equivalent to nearly $153,000 USD.
While the Bored Ape community endures this cyber theft, the ongoing resilience and bustling market activity surrounding the BAYC collection underscore its enduring appeal and value.
As the NFT market faces turbulent times, collectors and investors are closely monitoring the fate of these prominent collections, hoping for signs of recovery or stability in this rapidly evolving digital landscape.
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