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NFTs have returned to the spotlight

NFTs have returned to the spotlight

Nov 8, 2023

Note the resurgence of non-fungible tokens (NFTs) in mainstream conversations, highlighted by mentions from celebrities like Elon Musk, Joe Rogan, Mark Cuban, and a dedicated Halloween special by The Simpsons. Despite this renewed interest, that a full recovery of the NFT market may still be some time away.

Data from the previous week shows a continued uptrend in NFT sales, with global sales surpassing $100 million for the first time since mid-August and wash sales reaching a near four-month high. However, the number of transactions has not seen significant growth, indicating that while existing NFT enthusiasts are doubling down on their investments, new buyers are not entering the market at the same rate.

The article also highlights the activity of a particular set of traders who are providing liquidity to the market by purchasing "grail" NFTs from popular collections like CryptoPunks, Bored Apes, Cryptoadz, Doodles, and Supducks. This activity is expected to continue and possibly fuel mini-runs within the NFT community.

Furthermore, the article mentions the impact of token airdrops on the NFT market, such as Memeland's $MEME coin distribution to NFT holders and upcoming airdrops from $BLUR and These events are anticipated to prime the NFT market for its typical January surge.

In terms of sales, Bitcoin’s $SATS BRC-20 collection was the top-selling blockchain collectible, and Ethereum NFTs saw a significant increase in sales volume. Also notes the performance of other blockchains like Mythos Chain and Solana in the NFT space.


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