Over the weekend, the largest NFT sell-off in history occurred. Jeffrey Huang, a well-known crypto whale, sold off 1,000+ NFTs. And there was nowhere to hide – even the top collections, such as BAYC, MAYC, Azuki, Otherdeed, and others, all dropped 🔻 in price.
In the span of 48 hours, 1,010 NFTs were sold for $18.6M. According to an analyst from Nansen, most of them were top-tier collections too, including:
Fear, uncertainty, and doubt spread throughout the NFT industry as a result of the massive sell-off. FUD is the only combination of three letters that scares crypto investors more than SBF.
As a result, the prices of 21 of the top 25 NFT collections fell on Saturday night. As the panic spread, most floor prices fell 10%.
