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.
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.