NFT Market Update - 10th May, 2022

Overnight, Azuki prices plummeted and then recovered after their founder, Zagabond, revealed the idea of Azuki came out of three “abandoned” projects (CryptoPhunks, Tendies, and CryptoZunks).

Investors panicked after $UST stablecoin temporarily cratered below $0.70, triggering the Luna Council to loan $750M worth of BTC to OTC trading firms to protect the UST peg and loan 750 UST to accumulate BTC.

Crypto markets took a beating after $920 million was liquidated in the past 24 hours.

Meta announced partnering with Polygon to push into web3 due to its carbon-neutral footprint, scale, and developer ecosystem.

Madonna and Beeple announced a three-video NFT collaboration featuring a naked, CGI Madonna giving birth. It’s called “Mother of Creation.”