After months of headlines claiming that most NFTs are “worthless,” the once-dwindling NFT market is showing signs of life. Recent weeks have seen an increase in sales, with October’s trading volume 32% higher than September and daily trading volumes on the rise. Major NFT prices are also increasing, not just due to rising crypto prices. Despite this, we’re not back to 2021 or early 2022 levels when NFTs were generating billions of dollars.
Prices are soaring
Cryptocurrency is heating up again, with Bitcoin up 38% and Ethereum up 33% over the last month. These rising crypto prices are pushing NFT prices up too. Top projects like CryptoPunks and Bored Ape Yacht Club are seeing floor prices skyrocket.
Sales are on the rise
Rising prices would be meaningless if nobody was buying NFTs, but sales are indeed increasing. Data resource DappRadar reported a 32% month-over-month increase in NFT sales, jumping from $306 million in September to $405 million in October.
Vibes are returning
After a year of decline for both crypto and NFTs, these recent developments are bringing excitement back to the market. Crypto Twitter is buzzing with traders discussing substantial NFT purchases and increased engagement.
The big picture
While these positive signs of growth are encouraging, we’re still far from the initial madness of the NFT boom and peak crypto trading craze. However, if you purchased some NFTs during the hype cycle, now might be a good time to revisit them—they might not be as worthless as they once seemed.
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