• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M
The NFT market is not showing clear signs of recovery yet

The NFT market is not showing clear signs of recovery yet

user avatar

by Max Nevskyi

2 years ago


The cryptocurrency industry has been generating a lot of optimism among traders and investors in recent months. However, not all subsectors are showing bullish movements to the same extent as the major digital currencies. For instance, the non-fungible token (NFT) market has not demonstrated the same level of efficiency and is showing only initial signs of recovery.

CoinDesk analysts reported that the price of Ether (ETH) has risen by approximately 70% since the beginning of 2023. Meanwhile, the Nansen NFT-500 Index, tracking the value of the 500 largest NFTs, has decreased by 50% over the same period when measured in Ether. In terms of US dollars (USD), this indicator has dropped by 16%.

The Blue-Chip 10 Index, reflecting the value of the most well-known NFTs such as CryptoPunks, Bored Ape Yacht Club (BAYC), and others, has also declined. Its decrease was approximately 44% relative to ETH. As for the evaluation in US dollars (USD), the losses were more moderate, amounting to only 1.7%.

Researchers note that one of the largest NFT markets - OpenSea, has also shown discouraging results. According to DeFiLlama data, in January 2022, the platform was earning $387.48 million monthly in fees and had a net income of $120.45 million. Now, these figures have decreased to $6 million and $1.39 million, respectively.

NFTs have gone through their first market cycle but have not yet reached a new inflection point. This technology has not attracted as much interest as was the case with decentralized finance (DeFi) and Uniswap. Many innovations are being created to expand the possibilities of using NFTs. This is also partly related to the fact that prices are negatively correlated with the value of ETH in US dollars.says Nick Rak, Chief Operating Officer of ContentFi.

Jason Fang of Sora Ventures emphasized the importance of the growing popularity of Bitcoin ordinal numbers and the Ordinals protocol. He noted that this not only represents a significant step in the use of Bitcoin but also becomes a center that unites various cryptocurrency communities. Fang pointed out that projects like Stacks, BSV, Rootstock, and even Starkware usually rarely interact with each other. However, their representatives are currently actively exploring opportunities for collaboration and development.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Bitwise CIO Matt Hougan Bullish on Hyperliquid and HYPE Token

chest

Matt Hougan, Chief Investment Officer at Bitwise, expresses a strong bullish outlook on Hyperliquid and its token HYPE, following the launch of a new ETF.

user avatarMaya Lundqvist

CME Group to Implement 24/7 Trading for Crypto Futures Starting May 29

chest

CME Group will shift its crypto futures and options trading to a 24/7 schedule starting May 29.

user avatarLeo van der Veen

CME Sees 43% Surge in Crypto Futures Volume Amid Institutional Interest

chest

CME reports a 43% increase in crypto futures volume this year, driven by institutional interest and the upcoming launch of Nasdaq CME Crypto Index Futures on June 8.

user avatarLi Weicheng

Project Eleven and Ripple Collaborate to Secure XRP Ledger Against Quantum Threats

chest

Project Eleven has partnered with Ripple to enhance the XRP Ledger's security against quantum computing threats.

user avatarAisha Farooq

Solana's Perpetual Futures Volume Hits All-Time High

chest

Solana's perpetual futures volume has reached an all-time high of about $20 billion, indicating increased trader engagement and speculative activity.

user avatarTenzin Dorje

Trump Shifts Crypto Focus from Meme Coins to Bitcoin Investments

chest

US President Donald Trump and his family have made significant investments in Bitcoin-related firms, moving away from meme coins.

user avatarBayarjavkhlan Ganbaatar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.