As the cryptocurrency market experienced significant downturns, with Bitcoin (BTC) plunging to its lowest since February, Ethereum-based Azuki soared to new heights in the non-fungible token (NFT) sector.
Azuki’s sales reached a striking $1.13 million, marking it as the top-selling NFT collection of the day, according to CryptoSlam data.
Azuki NFT Sales Are Booming as Crypto Market Drops
The contrast between the declining crypto market and Azuki’s sales spike is stark. Bitcoin fell about 6.3% over the past 24 hours, dropping below the critical $60,000 support level.
Similarly, Ethereum (ETH) saw a decrease of around 5%, falling under $3,000, with other major altcoins such as Solana (SOL) and Avalanche (AVAX) also losing about 6%. The overall crypto market capitalization has dropped by over $20 billion, highlighted by the $540 million outflow from US spot Bitcoin exchange-traded funds (ETFs) since April 20.
According to 10x Research, the average entry price for US Bitcoin ETF holders is around $57,300, which may serve as a pivotal support point if the downtrend continues.
“There might have been a lot of ‘TradeFi’ tourists in crypto – pushing longs until the halving – this time is now over. We expect more unwinding as the average Bitcoin ETF buyer will be underwater when Bitcoin trades below $57,300. This will likely lower prices to our target levels and cause a -25% to -29% correction from the $73,000 top – hence our price target of $52,000 to $55,000 during the last three weeks,” 10x CEO Markus Thielen wrote.
The cryptocurrency market’s instability contrasts with the thriving NFT sector. Azuki emerged as the only collection to achieve over $1 million in sales. This surge has pushed Azuki’s total sales volume to approximately $1.12 billion. Subsequently, positioning it as the eighth-largest NFT collection in terms of sales.
Other NFT collections like DMarket and Dokyo also witnessed considerable sales but trailed behind Azuki. DMarket, featuring in-game items on the Mythos network, garnered nearly $887,880, while Avalanche-based Dokyo accumulated about $716,860 from 948 transactions.
Read more: 7 Best NFT Marketplaces You Should Know in 2024
Noteworthy, too, is the Bored Ape Yacht Club (BAYC) and CryptoPunks, each recording just over $500,000 in sales, showing resilience amidst a challenging market. These figures reflect a growing divergence where select NFT collections continue to attract significant investment despite broader market challenges.
This trend suggests a robust, enduring interest in high-value NFTs like Azuki, even as traditional cryptocurrencies face volatility.
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