The non-fungible token market is but to get better after going through a brutal market downturn final 12 months. The NFT market woes started someday in mid-June final 12 months, leaving the vast majority of NFT initiatives shedding greater than 80% of their flooring value worth.

Meka NFTs Drop From $1.8M In 2021 To Simply $500

Regardless that the non-fungible token market has skilled a pointy enhance prior to now few weeks following the current spike in crypto costs, some NFT collections are but to get better from the final 12 months’s market downturn.

A sure MekaVerse “Meka” #2,194 NFT assortment is an ideal instance, dropping to a fraction of its former following the lately fading crypto winter. This NFT assortment offered for over $1.8 million in late 2021 and has since dropped to only beneath $500.

This nft offered for 500 eth and now it’s price 500 {dollars}. pic.twitter.com/ESwabjxFkh

— tmas.eth 👁 (@itstylersays) April 16, 2023

Launched in 2021, MekaVerse is an NFT assortment from two well-known European digital and graphic artists, Matt and Mattey. The NFT assortment has a restricted version of 8,888 robotic warriors. Every robotic, “Meka,” is crafted with its personal set of distinctive traits by the facility of algorithms.

MekaVerse NFT assortment is a utility token for the Meka-Citadel, an on-chain metaverse sport for all gamers. The Meka assortment is split into 4 factions: Authentic Mekas (OG), Mirage (MI), Gadians (GAI), and F-9 (F9).

Meka NFTs: The Largest Lack of All-Time

The MekaVerse NFT assortment has attracted heated debate on social media platforms, with many customers remorsefully sympathizing with the brand new NFT proprietor of the NFT assortment. One person described the plunge as “the most important lack of all time” within the historical past of crypto.

Largest misplaced of all time?

— Noirtueur (@Noirtueur9999) April 16, 2023

Different NFT collections, which have additionally suffered an enormous loss in worth, embody 0N1 Power, an NFT assortment beforehand purchased by Logan Paul. The American YouTube persona and investor bought a uncommon 0N1 Power NFT for $623,000 in 2021. The NFT assortment has since plummeted to only $10.

In the meantime, on the time of publishing, the Meka NFT assortment has simply recorded a gross sales quantity of 0.25 ETH prior to now 24 hours. The MekaVerse NFT assortment has a market capitalization of almost $3 million and a flooring value of $333.

It’s nonetheless unclear whether or not the NFT market will return on its ft. However the current spike in crypto costs suggests an upside trajectory. It’s price noting that the flagship crypto “Bitcoin (BTC)” traded above the $30,000 stage late final week for the primary time in ten months.

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