This NFT Sold For Nearly $2M In 2021, It's Now Just $500

This NFT Sold For Nearly $2M In 2021, It’s Now Just $500 – What’s The Future Of NFTs?

Updated: 17 April 2023

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The non-fungible token market is yet to recover after facing a brutal market downturn last year. The NFT market woes began sometime in mid-June last year, leaving the majority of NFT projects shedding more than 80% of their floor price value.

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

Even though the non-fungible token market has experienced a sharp increase in the past few weeks following the recent spike in crypto prices, some NFT collections are yet to recover from the last year’s market downturn.

A certain MekaVerse “Meka” #2,194 NFT collection is a perfect example, dropping to a fraction of its former following the recently fading crypto winter. This NFT collection sold for over $1.8 million in late 2021 and has since dropped to just under $500.

This nft sold for 500 eth and now it’s worth 500 dollars. pic.twitter.com/ESwabjxFkh

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

Launched in 2021, MekaVerse is an NFT collection from two famous European digital and graphic artists, Matt and Mattey. The NFT collection has a limited edition of 8,888 robot warriors. Each robot, “Meka,” is crafted with its own set of unique traits through the power of algorithms.

MekaVerse NFT collection is a utility token for the Meka-Citadel, an on-chain metaverse game for all players. The Meka collection is divided into four factions: Original Mekas (OG), Mirage (MI), Gadians (GAI), and F-Nine (F9).

Meka NFTs: The Biggest Loss of All-Time

The MekaVerse NFT collection has attracted heated debate on social media platforms, with many users remorsefully sympathizing with the new NFT owner of the NFT collection. One user described the plunge as “the biggest loss of all time” in the history of crypto.

Biggest lost of all time?

— Noirtueur (@Noirtueur9999) April 16, 2023

Other NFT collections, which have also suffered a massive loss in value, include 0N1 Force, an NFT collection previously bought by Logan Paul. The American YouTube personality and investor purchased a rare 0N1 Force NFT for $623,000 in 2021. The NFT collection has since plummeted to just $10.

Meanwhile, at the time of publishing, the Meka NFT collection has just recorded a sales volume of 0.25 ETH in the past 24 hours. The MekaVerse NFT collection has a market capitalization of nearly $3 million and a floor price of $333.

It’s still unclear whether the NFT market will return on its feet. But the recent spike in crypto prices suggests an upside trajectory. It’s worth noting that the flagship crypto “Bitcoin (BTC)” traded above the $30,000 level late last week for the first time in ten months.