<\/p>\n
Liquidations on Blend, Blur’s NFT lending platform, tagged new all-time highs amid the volatility.<\/p>\n
NFTs are underperforming the broader crypto markets amid the latest leg of bullish momentum posted by ETH and BTC.<\/p>\n
Token listings on\u00a0Blur<\/a>, the leading NFT marketplace, show five of the top six collections by daily volume suffering\u00a0losses<\/a>\u00a0of between 20% and 37% when measured in ETH over the past seven days.<\/p>\n Notable losers include the Bored and Mutant Ape Yacht Clubs (BAYC and MAYC), the second and sixth-largest collection by market cap, with losses of 20% and 30% respectively, in addition to the third-ranked Pudgy Penguins slumping 30%, and tenth-ranked Azuki dropping 31.6%.<\/p>\n The latter three collections also suffered losses of between 15% and 20% against USD over the same period, while BAYC tumbled 5%, according to NFT Price Floor.<\/p>\n The volatility wreaked havoc on users of\u00a0Blend<\/a>, Blur\u2019s NFT lending platform. NFTstats.eth, an NFT data aggregator,\u00a0tweeted<\/a>\u00a0that liquidations for loans backed by NFTs from leading collections surged to a new all-time high on March 6. <\/p>\n Approximately 240 tokens from the BAYC, MAYC, Pudgy Penguins, Azuki, and DeGods collections entered liquidation amid the turmoil.<\/p>\n <\/p>\n The bearish momentum surrounding top NFT collections coincides with\u00a0Ethereum rallying<\/a>\u00a0to its highest level since December 2021 yesterday and Bitcoin briefly tagged a new\u00a0all-time high<\/a>\u00a0on March 4. Both assets are now up roughly 150% since mid-October.<\/p>\n The underperformance of the NFT sector suggests many collectors have been gripped by fear-of-missing-out, with NFT holders seeking to offload their illiquid non-fungibles for Ether in response to ETH\u2019s recent meteoric gains.<\/p>\n However, select NFT collections have bucked the weekly downtrend. CryptoPunks, the top NFT collection by market cap, is up 15.5% against the dollar and down just 2.4% compared to ETH, while, Chromie Squiggle is fifth after gaining 27% on USD and 13% over ETH, and Milady Maker now ranks seventh after jumping 76.4% and 50.5% over USD and ETH respectively.<\/p>\n <\/p>\n