In the last 24 hours, the rock bottom prices of the best NFT collections have plummeted.
Some of the hardest hit NFT collections stem from the Azuki ecosystem. Yuga Labs’ latest cryptogaming offering, HV-MTL, has also seen its floor price plummet.
Bottom price for Azuki NFT collections drops by more than 20%
NFT collections belonging to the Azuki ecosystem were among the biggest losers from the price crash over the weekend; Reveal data from CoinGecko
At the time of writing, rock bottom prices of the Azuki, Alemental, and Azuki Elemental Beanz collections had all fallen by more than 20% in 24 hours. That means that in the past day, the minimum price people are willing to pay for an individual NFT has fallen by a fifth.
In the midst of a market crash, on Sunday, the Azuki DAO began voting on a proposal that could lead to an attempt to sue the creator of Azuki, known as Zagabond.
The proposal suggests that the DAO hire a lawyer and file a lawsuit against Zagabond for allegedly shady projects.
The proposal does not go into details about the allegations. However, there was widespread discontent among many Azuki holders when Zagabond was revealed to be behind previous failed NFT projects: Phunks, Tendies, and Zunks.
The DAO is after 20,000 ETH compensation from Zagabond. One of the founders of Chiu Labs, who created the Azuki NFT project, Zagabond’s real name is Alex Xu.
Yuga Labs’ HV-MTL floor price for the March quarter debut levels
Another NFT collection that has recently seen its bottom price is the crypto gaming project HV-MTL. The bottom for the collection is down more than 24% since Friday.
HV-MTL NFTs come from the HV-MTL Forge. The game combines Minecraft style world building with character guardianship elements reminiscent of tamagotchi and Neopets.
The game was developed by Yuga Labs, who also created the Bored Ape Yacht Club NFTs, and launched in March. And the corresponding NFTs initially traded with a floor price above 2 ETH.
HV-MTL floor price (Source: CoinGecko)
However, after three months of fading hype and falling prices, HV-MTL NFTs are currently trading at a floor price of less than 0.5 ETH.
Bored monkeys also suffer, but are still valuable enough to steal
The floor price for Bored Apes is also down 7% in 24 hours. Nevertheless, the Bored Ape Yacht Club (BAYC) collection remains the most actively traded collection, with a 24-hour sales volume of 5,110 ETH.
With some BAYC NFTs previously selling for millions, digital collectibles have caught the eye of cyber thieves.
On Friday, two Bored Apes were stolen by the NFT phishing thief known as Fake_Phishing182232.
Shortly after being stolen, Bored Apes #2330 and #8177 were sold on the Blur marketplace. The hacker took home a combined 70.44 ETH (nearly $153,000 USD) with the theft.