NFT Market Crash: Worst Liquidation in History Rocks BAYC & Azuki

The NFT market is facing unprecedented turmoil. Blue-chip NFTs, once heralded for their astronomical returns, are plunging, leading to the worst liquidation cascade in history. Investors are witnessing significant losses as the NFT bubble appears to be bursting.

According to the most recent data on falling blue chip NFT prices (e.g, Bored Apes, Azuki), traders and investors are transferring their money away from NFTs and into potentially safer asset classes. The perceived value and stability of even the most prestigious collections are being questioned.

Unprecedented NFT Liquidation Levels

With the NFT market plummeting, more than 1,200 NFTs have been liquidated in the past three days, which is the most significant liquidation in the history of the NFT space. This massive sell-off is putting further downward pressure on prices and fueling panic among holders.

BAYC and Azuki Hit Hardest

Bored Ape Yacht Club (BAYC) and Azuki, once considered cornerstones of the NFT ecosystem, are suffering significant price declines. The floor prices for these collections have plummeted, leaving many investors underwater and facing forced liquidations. The fallout from these drops is sending shockwaves throughout the market.

NFT Projects Face Closure & Lending Platforms Under Pressure

The current market downturn is not limited to individual collections. Multiple NFT projects have been closing down one after another, struggling to maintain funding and community support in the face of declining interest. Lending platforms are also facing bad debt risks as borrowers default on loans backed by now-devalued NFTs. The NFT market is undergoing a new round of stress tests and survival, with many questioning its long-term viability.

Stay updated on the latest NFT market news and analysis as the situation continues to unfold.