The Comeback of NFTs: Pow’s Gem Calls Confirms Market Resurgence
After a period of decline, the non-fungible token (NFT) market is experiencing a revival. Pow’s Gem Calls Crypto Signal Group is one of the aggregators that have observed the resurgence of NFTs.
NFTs Flourished Before the Crash
In recent years, the NFT market has seen significant growth, with some NFTs selling for millions of dollars. Notable examples include Pak’s ‘The Merge’ and Everydays: the First 5000 Days. However, cracks began to appear in mid-2021 when many NFT collections started losing value.
A Market in Crisis
The crash in the NFT market affected various collections and celebrities such as Justin Bieber, Madonna, Michael Jordan, and Stephen Curry. Blue-chip NFTs like Bored Ape Yacht Club and Mutant Ape Yacht Club suffered significant price drops and reduced trading volumes.
Further Challenges
In November, the NFT market experienced another blow due to the collapse of crypto exchange FTX. This event caused a further decline in floor prices. Despite a short rally earlier this year driven by Bitcoin Ordinals, the market again plummeted in June.
The Grim Reality
In September, DappGambl revealed that 95% of NFT collections had become nearly worthless. This statistic meant that the majority of people holding NFTs had made investments with no value.
A Resurgence in Action
However, recent weeks have shown a strong comeback for the NFT market. Sales and floor prices have increased across various metrics. Bitcoin Ordinals have also contributed to the market’s recovery with increased sales volume.
Neo Tokyo Citizen NFT Collection Sets an Example
The Neo Tokyo Citizen NFT collection exemplifies the market’s resurgence. Created by Alex Becker and Elliot Wainman, this collection combines composite avatars with tangible items like artwork and music. In recent days, the trading sales volume for Neo Tokyo Citizen has surged, demonstrating that the NFT market is far from dead.
Hot Take: The Revival of NFTs Signals a Bright Future
The recent revival of the NFT market indicates that it has overcome its previous challenges. With increased sales and rising floor prices, it is clear that NFTs still hold value for collectors and investors. The success of collections like Neo Tokyo Citizen further solidifies the market’s resurgence. As the NFT market continues to evolve, it presents new opportunities for artists, creators, and enthusiasts alike.
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