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24-Hour NFT Market Slump: Top Projects Plummet in Value

2 mins
Updated by Ryan Boltman
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In Brief

  • Over a span of 24 hours, numerous NFT collections have seen their floor prices plummet dramatically.
  • Among the most substantial losers are NFTs originating from the Azuki ecosystem.
  • The floor for Yuga Labs’ HV-MTL NFTs has also dropped by over 24% since Friday and is just a quarter of its level when the project was launched in March.
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In the past 24 hours, the floor prices of top NFT collections have plummeted.

Some of the worst affected NFT collections stem from the Azuki ecosystem. Yuga Labs’ latest crypto gaming offering, HV-MTL has also seen its floor price drop massively.

Floor Price for Azuki NFT Collections Declines by More Than 20%

NFT collections belonging to the Azuki ecosystem have been among the biggest losers of the weekend price crash; data from CoinGecko reveals

At the time of writing, the Azuki, Alemental, and Azuki Elemental Beanz collections had all witnessed declines in their floor price of more than 20% in 24 hours. That means that during the past day, the minimum price people are willing to pay for an individual NFT fell by a fifth.

In the middle of a market crash, on Sunday, the Azuki DAO began voting on a proposal that may see it attempt to sue the Azuki creator known as Zagabond.

The proposal suggests that the DAO hires a lawyer and files a lawsuit against Zagabond for allegedly rugging multiple projects.

The proposal doesn’t go into specifics about the accusations. However,  there was widespread dissatisfaction among many Azuki holders when it emerged that Zagabond was behind previous failed NFT projects: Phunks, Tendies, and Zunks. 

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

Yuga Labs’ HV-MTL Floor Price a Quarter of March Debut Levels

Another NFT collection that has seen its floor price tank recently is the crypto gaming project HV-MTL. The floor for the collection is down more than 24% since Friday.

HV-MTL NFTs hail from the HV-MTL Forge. The game combines Minecraft-style world-building with character guardianship elements reminiscent of tamagotchi and Neopets.

Developed by Yuga Labs, which also created the Bored Ape Yacht Club NFTs, the game was launched in March. And the associated NFTs initially traded with a floor price of over 2 ETH. 

HV-MTL Floor Price
HV-MTL Floor Price (Source: CoinGecko)

However, after three months of declining hype and falling prices, HV-MTL NFTs currently trade at a floor price of less than 0.5 ETH.

Bored Apes Also Suffer but Are Still Valuable Enough to Steal

The floor price for Bored Apes has also declined by 7% in 24 hours. Nevertheless, the Bored Ape Yacht Club (BAYC) collection remains the most actively traded, with a 24-hour sales volume of  5,110 ETH.

With some BAYC NFTs previously having sold for millions, digital collectibles have attracted the attention of cyber thieves. 
On Friday, two Bored Apes were stolen by the NFT phishing thief known as Fake_Phishing182232.

Shortly after they were stolen, Bored Apes #2330 and #8177 were sold on the Blur marketplace. The hacker raked in a combined 70.44 ETH (nearly $153,000 USD) from the theft.

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James Morales
James is a London-based editor, writer and explorer of the cryptosphere who started his journalistic career writing about digital art before honing his craft as a financial technology reporter. From the latest innovation in digital assets to the evolution of Web3, he is perpetually fascinated by the technologies of decentralization.
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