1⃣ The beginning of the drop: Over the past 30 days, the prices of the top NFT sets have dropped significantly from 50% to 70%. This has caused a lot of concern in the community about the situation of smaller NFT sets that do not have large and strong communities. 2⃣ Cause: One of the main causes for this drop in price was the selling action from Machi Big Brother, a well-known NFT investor. This caused panic among other holders. Some people have criticized Blur for contributing to this because Blur’s ” Sell All ” feature is too good :))) . Go deep, just discovered a few days ago, there is a lot of information about some traders who will be liquidated NFT BAYC if the price touches deep enough. So Machi Big Brother made it come true, no wonder. Zero Sum game that 3⃣ Backfire: Another incident involving Chiru Lab, founder of the famous NFT Azuki series. They launched the Elementals sub-collection with the aim of adding value to Azuki, but met with a lot of negative reactions from the community. The community reacted strongly to the fact that this new collection is identical to the original collection. 4⃣ Double Catastrophe: During a time when people were unhappy about Chiru Lab, news of NFT Azuki traders’ leveraged loans was released. Similar to BAYC. A lot of Traders will be liquidated if the price falls deep enough As a result, the price has dropped from 14ETH to 6ETH. 5⃣ Team response: Immediately after that, the team conducted an AMA with the community to listen and find a solution. They changed Elemental’s background to avoid affecting Azuki’s value. 6⃣ Future: Although the NFT market is going through a difficult period, the future is still very positive. There are many projects that are looking to create real value for the community, like Pudgy Penguin, StepN, and many more. Founders of large NFT sets need to do more actions like Pudgy Penguin, add intrinsic value to NFT sets, bring it to life. Not the act of releasing new NFT sets to print more money… Follow us for the latest updates on the NFT market! I am still very bullish on NFT One note, I have observed it many times, whenever there is news that a large number of assets are about to be liquidated or there is a large protocol that will have problems if the assets are to be liquid. products fell sharply. Then it will happen, this is the ZeroSum game. Big players also often kill each other to gain more market share. 3AC , FTX , Luna , BAYC , Azuki , … a lot , these are just the cases I know about recently. So the keynote is that, next time there is news about a large amount of assets being liquidated if the price hits deep enough, be careful with your assets. Look at everything and compare it to the past (#NFT)(https://www.facebook.com/hashtag/nft?__eep__=6&__cft__(0)=AZVbCVoJucymn3xBsAZs95p8D-WJn4BsR0STXzmB9KX3tBfGNDdJBEKDQS3nCGzykZS7nC 3Ahlqn-HbnGUM7r8Cpgd91yZQQ51r_lxXTa3rvvHEwAM&__tn__=*NK-R) (# Market-Update)(https://www.facebook.com/hashtag/marketupdate?__eep__=6&__cft__(0)=AZVbCVoJucymn3xBsAZs95p8D-WJn4BsR0STXzmB9KX3tBfGNDdvZSXnCJBEpI7_G72lzbKqY3DIKL7bnKqY3 Cpgd91yZQQ51r_lxXTa3rvvHEwAM&__tn__=*NK-R)
Source: Collector
