Investors Are Betting Big On NFTs
The NFT market is experiencing a resurgence in 2024, with investors willing to stake high in NFTs. Recent big purchases in the NFT market are proving that NFTs are back in action, and people are betting big on these digital assets this year. A single crypto wallet recently bought 27 Pudgy Penguins, 83 Lil Pudgies, and 30 Pudgy Rods NFT collections.
Non-fungible tokens had a historic breakout in 2021 which continued until mid-2022. However, there was a brutal comedown that left many NFTs nearly worthless, and numerous NFT projects had to reduce their workforce. But, there was a short rebound in November 2023, and Bitcoin NFTs experienced a resurgence, surpassing Ethereum in market dominance.
Pudgy Penguins And Lil Pudgy Surge +150% In Sales Volume
Pudgy Penguins and Lil Pudgy, two NFT collections, surged in sales following recent bulk sales. Pudgy Penguins registered a sales volume of $1.6 million, surging 169%. Lil Pudgy NFT collection saw a 258% increase in sales volume, amassing $554,927 in the past 24 hours.
Hot Take
The surge in NFT market activity and sales in early 2024 is indicative of a broader resurgence in interest in digital assets, especially NFTs. As cryptocurrency investors continue to bet big on NFTs, there is a growing trend suggesting a sustained enthusiasm and market growth for NFTs in the near future.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies.Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.
