On May 11, the average daily trading volume of Terra’s NFT rose to 3.1 million UST, up from 384,769 UST on May 10.
At least a dozen blockchains, such as Terra, create digital collectibles; nevertheless, Ethereum is home to numerous of the most popular NFTs.
NFT projects that were built on Terra have seen a significant increase in trading amid the collapse of Terra’s stablecoin UST (TerraUSD) and its sibling token, LUNA.
According to data aggregator Flipside Crypto, the daily volume of NFT trading on popular Terra marketplaces Random Earth, Knowhere, and Luart is at its highest since March 1. On May 11, terRA’s NFT daily volume hit 3.1 million UST ($2.1 million), up from 384,769 UST.
The rise in NFT trading comes as the value of Terra’s flagship cryptocurrency, LUNA, has crashed.
On May 11, 2017, the highest days of trading volume occurred on Earth Day, when Knowhere and Other Eden both had their greatest volumes. After never surpassing 11,000 LUNA in its history, trade on Random Earth exploded to 438,665 BTC ($485,263), while Knowhere was at 6795 Gwei at the time of this writing.
Galactic Punks, Hell Cats, Derby Stars, and Luna Bulls are some of the most frequently traded Terra NFT collections. On Twitter, user RyanBethencourt noted the rapid price fluctuations of NFTs, in particular on Random Earth; he asked if their value would continue to rise if Terra fell into a death spiral.
Customers of OnePlanet, another Terra NFT marketplace, complained that transaction delays had occurred while they used their wallets to withdraw the digital assets.
Discord moderators announced that they would conduct a thorough investigation into any users who were unable to delist their NFTs before the deadline.
Investor opinions were divided when I searched crypto Twitter. User @PostmanNay said, “All nfts on terra are now as worthless as the luna token.”
When PolyEgg asked Twitter followers which blockchain to migrate to, because “it’s not a good idea to continue minting” on Terra, several users suggested Solana. While Solana was a popular choice among seasoned LUNA investors known as “LUNAtics,” many other people believe that moving to Solana is premature.
The Aftermath
After the delisting of LUNA and UST in major crypto exchanges, most of the Terra communities in forums and social media went dead silent. While everyone in the cryptosphere was well-aware of the death spiral, nobody knew what happened to the Terra NFTs. In fact, nobody ever tweeted anything regarding the standing digital assets except for the shills that remained hopeful on LUNA rebounding to $1.
However, despite the losses, LUNA and UST got relisted again in Binance but only under the BUSD margin. Those who were lucky enough to buy in after the relisting saw a massive 10,000% gain from 0.000001 to 0.0001.
Currently, as of May 17, the Terra community remains quiet – including Terra Labs founder Do Kwan since his tweeted solutions after the depegging of UST.
When you type #LUNA on Twitter, you can only see arguments between those that bought the coin on Saturday versus the holders before the depegging disaster.
