Punk Monkeys and the Resurrection of NFTs | – #Punk #Monkeys #Resurrection #NFTs
February 14 (Reuters) – It’s live! The NFT market is coming out of its torpor, defying reports of its demise.
Total NFT sales on the ethereum blockchain, which hosts the most trades, according to market tracker CryptoSlam january increased to 780.2 million dollars from the previous 546.9 million dollars.
Digital art collections were among the big hits. For example, Bored Ape Yacht Club #5840, a cartoon monkey shooting green lasers from its eyes, sold for $822,730, and CryptoPunks #7674, a pixelated character smoking a pipe, sold for $433,555.
According to CryptoSlam, the average NFT selling price was a more modest $372.38.
Last month’s $780 million sell-off, along with much of the cryptocurrency world, came before the market went into an uncertain nosedive last month. january about 5 seen per month billion dollars and 2.7 in May billion is part of the dollar.
The market has bounced back since November after reaching $324 million a month ago, with some traders betting on the future for NFTs in gaming and branding, according to CryptoSlam data.
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Teng Yan, lead researcher at Delphi Digital, estimated between 30,000 and 50,000 people. currently actively trading NFTs.
Blur accounts for a high share of NFT trades
Despite the recent boom, the future of non-fungible tokens remains a mystery. Few cryptocurrency experts expect a repeat of the 2021 boom anytime soon. Some doubt the long-term appeal of paying to be listed on the blockchain as the owner of a digital file that anyone can view online for free.
Saro McKenna, CEO of NFT metaverse and blockchain gaming firm Alien Worlds, said NFTs have the potential to help companies and celebrities connect with customers and fans.
“The most promising aspect of this technology will be more and more of the Disney and Dua Lipa world turning to NFTs,” McKenna added.
Some market players, NFT sales volumes january growth, launched at the end of last year and a series of free coins “weather drops” and other rewards, he said, due to the introduction of a new online marketplace called Blur, which has attracted investor interest.
According to data from DappRadar, NFT trading volume on the Blur platform reached 101.2 million in the last seven days, which is seen in the dominant market OpenSea 10Slightly ahead of 0.4 million dollars.
443.98 million against $366 million for OpenSea Blur over the last 30 days dollars remains the leader in volume.
BITCOIN JOINS THE NFT PARTY
In another unlikely development, a new use of the bitcoin blockchain to mint collectible NFTs has sparked excitement among crypto enthusiasts.
Bitcoin Punks is a monkey-themed NFT series and is a spin-off of the wildly popular CryptoPunks collection. Some media reports Bitcoin Punk NFT’s 205,000 dollars shows that it was sold for 9.5 bitcoins.
“We’re going through a bit of a hype phase for this because it’s just new, it’s new, and people are rushing to be the first few people trying to create NFTs on bitcoin,” said Teng Yan at Delphi Digital. bitcoin was not a marketplace for NFTs, all transactions inclhungry was conducted on.
“The hype will die down over the next few weeks.”
Reporting by Medha Singh in Bengaluru; Edited by Pravin Char
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2023-02-14 20:58:08
Source – reuters
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