Market Volatility vs Terra NFT Floor Prices

How do market conditions affect Terra NFT price movement? What is the correlation between the floor price of Galactic Punks, LunaBulls, and Levana Dragon Eggs with the price of LUNA? Does market volatility change how people trade "bluechip" Terra NFTs? Do you think NFT buyers/sellers price their assets in UST or in LUNA? Do your findings align with Ethereum NFT market trends or does the prominence of UST make the Terra market different?

Introduction

Non-Fungible Tokens, also known as NFTs, are a type of asset class that represents unique items that cannot be traded with another.

NFTs got introduced into the Terra ecosystem somewhere in 2021, and Galactic Punks were the first to be released.

Let's analyse how Terra NFT bluechips like Galactic Punks and LUNA bulls floor prices react to market volatility.

Market Volatility

The purpose of this dashboard is the investigate the correlation between galactic punks and luna bulls and market volatility.

Data is pulled from the RandomEarth marketplace.

The 2 diagrams below are that of Galactic Punk floor price vs. LUNA price action.

Conclusion

The data from the charts above confirm that NFT floor prices do not correlate with market volatility. I believe the same is the sentiment across Ethereum too. Because NFTs for a lot of crypto people is not about the money, but in a basic sense, about owning something valuable that can't be priced in fiat. UST is essentially fiat on the blockchain, and if you believe fiat devalues over time, you wouldn't want to price your valuable possessions in fiat. End.

GP floor prices move in a zig-zap patter while LUNA price seems to be floating around the 40 mark.

With a scatter diagram, we can see that there is no positive correlation between GP floor price and LUNA price action.

The 2 diagrams below are that of Luna bulls floor price vs. LUNA price action.

For lunabulls too, our graph tell us that we cannot see any positive price correlation.

Price