The NFT market recently witnessed an unprecedented liquidation event, marked as the worst in history, impacting holders of Bored Ape Yacht Club (BAYC) and Azuki NFTs.
Intense rivalry among top NFT marketplaces like Blur, OpenSea, and Magic Eden, along with the rise of protocols like Bitcoin Ordinals, sparked renewed interest in NFTs earlier this year, signaling a promising recovery from the 2022 bear market.
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However, investor interest is now declining, casting a shadow over the industry. High-profile NFT projects face a daunting challenge to maintain momentum, as they spiral toward potential doom, causing concern about the market's trajectory. Blue-chip NFT collections are plunging, leading to billions of dollars in losses for investors. Recent reports show the worst liquidation cascade in history, with over 1200 blue-chip NFTs, including Beanz and BAYC, being liquidated due to declining prices. Although the rate of liquidations has slowed down recently, the NFT market is still struggling to recover. Major collections like BAYC and Azuki have suffered considerable losses, with community members considering legal action. Projects such as Pudgy Pigeons, BAKC, and Moonbirds have also recorded significant declines.
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