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NFT "Black Weekend": What caused the panic selling of multiple blue-chip NFTs?
Author: Teng Yan, Head of NFT Research, Delphi Digital; Translation: Jinse Finance 0xxz
We experienced a "black weekend" for NFTs last weekend. Floor prices in BAYC, MAYC, Azuki, Memeland Captainz and other PFPs were down 30-60%, with declines accelerating over the weekend.
What's Causing All the Panic Selling? It all started with Azuki Elemeentals casting.
The Azuki community spent $38 million to mint this new series. Azuki is already somewhat vulnerable, with a lot of leverage in the system (at one point there were close to 700 Blend loans, or 7% of total supply).
The reveal of Azuki Elementals raises many questions:
**Why do they look like OG Azuki? Is this a money grab? **
**What do you actually get to justify the price by owning an OG NFT? **
All in all, expectations management is poor. Everyone is looking forward to something exciting. What we got instead was chaos.
In one universe, this dump might only happen to Azuki. But NFTs are never isolated. Many Azuki holders also hold other PFP NFTs (and vice versa).
And Memeland Captainz started revealing their NFT on Saturday, which may seem disappointing at first glance.
This sparked a sudden lack of confidence in the NFT community: are NFTs as worthless/overvalued as everyone says on CT?
Then panic selling started.
**PFP NFT apparently features classic Veblen merchandise. **NFTs that looked good at 15 ETH don't look so good at 5 ETH!
As prices fall, demand evaporates.
To add insult to injury: Even though a large portion of NFTs are held by community members with diamond hands, they haven't sold for months, years...
A liquid supply of massive NFTs is in the hands of Blur Farmers who have been using them in PvP battles to earn Blur Points for the past 4 months. (Thanks to @OGDfarmer for this point) They have no incentive to hold their NFTs.
So once the sell-off started, they just added fuel to the fire, exacerbating the sell-off.
Now that the sell-off has stabilized somewhat - is this a great buying opportunity, or is it the calm before the next storm?