NFT Prices Slump as Popular Collection Tumbles Following Debut

The NFT market has seen a precipitous drop in the past couple weeks, with prominent collections' prices declining by over 30%. Notably, Azuki’s floor price fell by over 60%. The decrease followed the controversial launch of a new Azuki collection, Azuki Elementals, which seemed like a repeat of a previous collection. The launch caused an uproar in the Azuki community, leading to widespread selling. In addition to drastic floor price declines, the resultant fallout has also prompted a wave of defaulted loans in the NFT lending industry.

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