📉 LUNA Loses $40 BILLION in 3 Days, NFTs Affected! - 12th May, 2022

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24hr Market Overview 📈

NFT Market Recap

Over the past 24 hours, we have witnessed blood in the markets.

The Terra ecosystem, which has been crumbling over the past few days after an attack on the stable coin UST, was completely annihilated yesterday. Terra's L1 network, Luna dropped from $60 down to $0.04, wiping out $40 billion in value in less than 3 days. Over the 5 years that we have been involved in Crypto, we have never seen anything so big collapse so fast.

We have seen many inexperienced traders on Twitter attempting to trade Luna and losing vast sums of money, just in case you needed a reminder.

Rumors have been circulating on who was responsible for the attack, with Citadel and BlackRock already denying any involvement in the case.

With the Terra ecosystem collapsing and the stock market starting to drop, Ethereum and Solana were hit hard, ETH is now trading at $1800, down from $2800 a week ago, meanwhile, SOL is sitting at $42, almost half of what it was last week.

With this came the inevitable drop in NFT floors, with participants trying to liquidate their holdings. We have seen huge losses across the board with no projects escaping the carnage.

• Bored Ape Yacht Club | 94 ETH, -8.29%

• Doodles | 15.3 ETH, -19.47%

• BEANZ | 0.95 ETH, -18.8%

• Ragnarok Meta | 0.8 ETH, -30.43%

• Cool Cats | 3.9 ETH, -7.58%

As the markets dumped, we also saw some large holders panic and liquidate their purchases at huge losses. Including this one holder who bought an Ape for $2.6 million in December and sold it for $300k yesterday. 🤯

For any of our readers who are down heavily over the past few weeks because of the carnage in the markets, we feel for you and things will get better eventually. 💚

Biggest Purchases

🥇 #1) Bored Ape #7576 bought for 177 ETH ($406,919.25)| Link

🥈 #2) Otherdeed #58794 bought for 189 ETH ($388,349.72)| Link

🥉 #3) Bored Ape #2021 bought for 139 ETH ($335,858.78)| Link

Latest NFT News 📰

⚽ UK Football team, Manchester City and sportswear brand PUMA have today announced their first collaborative digital art drop, titled 93:20, and created by artist Musketon to celebrate the 10th anniversary of their first Premier League title win. The artwork also features PUMA’s ULTRA Football Boots, which will be released alongside the drop, with only 120 pairs of the limited-edition boots created.

🐵 Kingship, the virtual band of Bored and Mutant Apes, is launching a metaverse world for its' holders. 10,000 Key Card NFTs will be used to access the Kingship metaverse and will mint on May 14th for 0.19 ETH - you can sign up to the allowlist by registering HERE.

Scam Warnings 🚨

❌ Be careful of scam links even on Google - We'd recommend bookmarking official pages!

Today's Biggest Drops 👀

With the markets still looking shaky and no big projects on our radar. We suggest keeping your capital protected today. Check back tomorrow!

The NFT Minter Guide to NFTs 💸

Meme of the Day 🤣

Credit: (twitter.com/0xCryptoGenius)

That's all from us! See you next time!

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Disclaimer: The NFT Minter Daily DOES NOT provide financial advice. All content within this newsletter is for informational and entertainment purposes only. The NFT Minter Daily is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.