Ornella Hernandez

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        <ul>
                <li>After never surpassing 11,000 LUNA, volume on Random Earth skyrocketed to 438,665 LUNA</li>
                <li>Investors are torn between loyalty to LUNA and a loss of confidence</li>
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<p>Though Ethereum is home to some of the most dominant NFTs, at least a dozen other blockchains mint the digital collectibles — including Terra, which collectors have turned to thanks to comparably lower gas fees.&nbsp;</p>



<p><a href="https://cms.blockworks.co/cryptocurrency-luna-lurches-as-terra-usd-volatility-continues-erasing-billions/" target="_blank" rel="noreferrer noopener">Amid the collapse</a> of Terra’s stablecoin TerraUSD (UST) and its sister token, LUNA, NFT (non-fungible token) projects built on Terra have seen a considerable uptick in trading as savvy traders look to cash in on deep price discrepancies. </p>



<p>The daily volume of NFT trading on popular Terra marketplaces Random Earth, Knowhere and Luart is the highest it’s been since March 1, <a href="https://app.flipsidecrypto.com/dashboard/nft-trading-volume-on-terra-niriXj" target="_blank" rel="noreferrer noopener">according</a> to data aggregator Flipside Crypto. Terra’s NFT daily volume on May 11 reached 3.1 million UST ($2.1 million), up from 384,769 UST the day before. </p>



<p>Random Earth and Knowhere also observed their highest days of trading volume on May 11. After never surpassing 11,000 LUNA, volume on Random Earth skyrocketed to 438,665 LUNA ($485,263), while Knowhere reached 6,005 LUNA at the time of publication.</p>



<p>Some of the most highly traded Terra NFT collections include Galactic Punks, Hell Cats, Derby Stars and Luna Bulls. Twitter user @RyanBethencourt pointed out the rapid repricing of NFTs, specifically on Random Earth, and questioned if their value would hold if Terra were to “fall into a death spiral.”</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">One of the most fascinating things I&#39;ve been watching in the <a href="https://twitter.com/search?q=%24LUNA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LUNA</a> ecosystem is the rapid repricing of NFTS on <a href="https://twitter.com/randomearth_io?ref_src=twsrc%5Etfw">@randomearth_io</a> as the value of Luna drops . There&#39;s some great NFT art on LUNA but dramatic inflation (in LUNA) as the ecosystem deflates &amp; tries to retain its $ value</p>&mdash; RYAN BΞTHΞNC◎URT (@RyanBethencourt) <a href="https://twitter.com/RyanBethencourt/status/1524353196633825280?ref_src=twsrc%5Etfw">May 11, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Users of another Terra NFT marketplace, OnePlanet, took to Discord to report transaction delays — traders said the digital assets didn’t immediately show up in their wallets after the purchase closed.&nbsp;</p>



<p>And those who couldn’t delist their NFTs in time were promised an investigation by Discord moderators.</p>



<figure class="wp-block-image"><img decoding="async" src="https://lh3.googleusercontent.com/WZH44oydihtur9q34ZDaPePW5lU6RiADC-nKej8KE4nU8DT7gB_XEDSJ3N3GzMEXhEP-FKrY9vLciLTSI7DDhS8kQW9IMSgHEwwBVsqDNkCwQwkZmmVBODpe1iScRLOT1XhX-6QE7x89hdaZQA" alt=""/></figure>



<p>A sweep through crypto Twitter showed mixed sentiment among investors. User @PostmanNay <a href="https://twitter.com/PostmanNay/status/1524413194076360704?s=20&amp;t=NaUJ78M18Wb3LYN0bSOgxA" target="_blank" rel="noreferrer noopener">claimed</a>, “All nfts on terra are now as worthless as the luna token.” </p>



<p>Another user, @c4chaos, <a href="https://twitter.com/c4chaos/status/1524411980362047488?s=20&amp;t=1dJoB-ge5Gw8fkXfqh4GjA" target="_blank" rel="noreferrer noopener">called</a> for compassion for those may have lost their life savings.</p>



<p>Terra NFT collection PolyEgg <a href="https://twitter.com/PolyEggNFT/status/1524407854278623232?s=20&amp;t=RwNj3xfkPttVgfEEElHv4Q" target="_blank" rel="noreferrer noopener">asked</a> Twitter followers which blockchain to move to, because “it’s not a good idea to continue minting” on Terra. While Solana was a popular pick, seasoned LUNA investors, known as “LUNAtics,” continue to scoop up Terra NFTs. </p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">This isn’t just an attack on <a href="https://twitter.com/search?q=%24LUNA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LUNA</a> this is an attack on <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a> open your eyes <a href="https://twitter.com/hashtag/istandwithluna?src=hash&amp;ref_src=twsrc%5Etfw">#istandwithluna</a></p>&mdash; Pengzhu Mumzee Hong (@12heidi17heng05) <a href="https://twitter.com/12heidi17heng05/status/1524393285200093184?ref_src=twsrc%5Etfw">May 11, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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