The long-cold Non-Fungible Token track seems to have shown signs of warming up after a long absence.
CoinGecko data shows that the total market value of the Non-Fungible Token sector has rebounded to above $6 billion, currently reporting $6.417 billion, with a 24-hour increase of 23.2%; the growth in trading volume is even more dramatic, with a total trading volume of approximately $40 million in the past 24 hours, an increase of about 318.3%.
Among mainstream Non-Fungible Token projects, CryptoPunks, Moonbirds, and Pudgy Penguins have been particularly outstanding.
· CryptoPunks saw a whale spending millions of dollars to buy 45 pieces last night (the whale also purchased multiple Chromie Squiggles). NFT artist Jediwolf calculated that in just 5 hours from last night to this morning, a total of 76 CryptoPunks changed hands, the largest buying action for this series since 2021. As of the time of writing, CryptoPunks floor price is temporarily reported at 47.5 ETH, with a 24-hour increase of 15.9%.
· Moonbirds saw a boost in popularity after OpenSea briefly changed its official X avatar to Moonbirds series images last night. As of the time of writing, Moonbirds floor price is temporarily reported at 1.94 ETH, with a 24-hour increase of 33.3%.
· Pudgy Penguins, considered the "industry's light" during the Non-Fungible Token winter, recently appeared in the second season of the TV series "Poker Face", capturing some external traffic. As of the time of writing, Pudgy Penguins floor price is temporarily reported at 16.4 ETH, with a 24-hour increase of 13.8%.
Apart from the above outstanding projects, most Non-Fungible Token projects have seen good increases. As of the time of writing, BAYC's 24-hour increase is 13.2%, Azuki's is 26.8%, and in the Bitcoin ecosystem, Taproot Wizards has a 24-hour increase of 30.3%.
Additionally, Non-Fungible Token concept coins have also seen a significant rise. On OKX market, BLUR is currently reported at 0.1176 USDT, with a 24-hour increase of 27.4%, ranking third on OKX's rise list.
Regarding the recovery of the Non-Fungible Token market, although there were people "shilling" in the market earlier, after the long years of various "milk strategies" surrounding Non-Fungible Tokens, the track has become colder day by day, and retail investors have become numb to such "shilling" rhetoric.
On July 16, BitMEX co-founder Arthur Hayes predicted on the X platform that "ETH Season has arrived, and DeFi and Non-Fungible Token markets will benefit and make a comeback", but most replies at the time were mainly sarcastic.
However, with recent signs of the long-awaited "Altcoin season" gradually emerging, discussions about whether the Non-Fungible Token market can recover have also increased.
BitmapPunks founder and well-known Non-Fungible Token collector FreeLunchCapital stated today that institutions have already contacted him to try to acquire and ambush - "Since two weeks ago, some institutions have contacted me with interesting offers. Everyone knows I don't sell Non-Fungible Tokens, but that's not entirely true. If the other party has resources that can attract more people's attention to Non-Fungible Tokens and help the industry move to the next level, I would consider an over-the-counter transaction."
Abstract contributor 0xCygaar and other old players who were active in the previous Non-Fungible Token cycle are exclaiming "Non-Fungible Token Season has finally returned".
The sudden recovery of Non-Fungible Tokens is not difficult to understand logically.
On one hand, with ETH's strong rebound and rapid rise to high levels, following funds will consider related investment targets while focusing on ETH. Since Non-Fungible Tokens originated in the Ethereum ecosystem, and most top projects are still concentrated in the Ethereum ecosystem, the Non-Fungible Token sector can be viewed to some extent as an alternative to ETH. From the trading volume perspective, the Non-Fungible Tokens with the largest trading volume are still top projects with relatively abundant liquidity on the Ethereum chain, indicating that the funds in this small recovery mainly come from within the Ethereum ecosystem.
On the other hand, after a long low period, the entire Non-Fungible Token market has undergone thorough washing out - weak hands have exited, and market makers who intend to control may have already completed target selection and chip layout. Considering the non-standard liquidity characteristics of Non-Fungible Tokens, they might be an easier target to control compared to Altcoins.
The current issue is that since the Non-Fungible Token market was previously so thoroughly cold, with the track consensus almost collapsing, it remains uncertain whether more retail investors and funds can follow up even with a short-term increase in popularity.
In other words, if you say the Altcoin season is coming, many retail investors might be willing to buy in, but if you say Non-Fungible Tokens are about to surge, it seems less believable than claiming I'm the First Emperor of Qin...
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