Is the Downturn in Crypto Market leading to a stiff drop in Ethereum NFTs? - BitcoinEthereumNews.com
With the drop in Blue chip NFTs based on ethereum networks and others, the concerns are that digital art is quite dependent upon market movement The current downtrend seen in the cryptocurrency market where the prices have plugged across the market and with the cryptocurrencies value is falling, so will the non fungible tokens in terms of the dollar have declined over the period of last week. The leader of the NFT market, Ethereum (ETH), is currently trading below $2,000 while. The time of writing is down from its price of $2,800 a week ago. UST stablecoin of Terra network and its native token LUNA collapsed recently while ending losing upto more than 99%. While UST got de-pegged one to one with the US dollar and dropped to $0.13, LUNA has dropped by about $0.0000914. However, by the time of writing, both crypto assets have seen massive growth but still remain far behind their actual position. Non Fungible tokens that are built on the Terra network in the meantime have reached record trading levels on 11th May that have been facing a decline since then. On the other hand, the lower price of Ether has caused surviving drop-in floor prices of ETH NFTs