NFTs See 'Worst' Liquidation in History: BAYC, Azuki Suffer
Back in 2021, when the NFT fad was at its peak, collectibles were extremely popular among investors. However, as the euphoria fizzled out, people started exiting the arena. Of late, the buzz associated with NFTs has yet again risen. However, there’s not much to rejoice in, for collectors are slumped in deep dejection at the moment. Source: Twitter Arcade protocol’s Advisor ‘Cirrus’ recently revealed that over the last couple of days, the NFT market has seen “the worst liquidation cascade” in history. Over the past 96 hours, there have been around 1244 liquidations . The figure doesn’t include “forced sellers” who sold their collateral to repay loans before going underwater. To contextualize, on an average day over the last year, only around 10-15 NFT loans would be liquidated. Beanz NFTs [ Azuki ’s derivative companion project] were hit the hardest, for they accounted for more than half the liquidations [636, i.e. over 3...