Resurgence in NFT Values: Bitcoin and Ether Rally Spurs a Renewed Surge in NFT Prices
Unveiling the Diversity of NFTs: From Game Characters to Artworks, the Range of Inspirations Knows No Bounds
The non-fungible token (NFT) market is experiencing a resurgence, fueled by the current bullish trend in the cryptocurrency market. As cryptocurrencies such as Bitcoin, Ether, Solana, and Polygon continue to surge in value, several NFT series linked to these altcoins are witnessing a climb in their price charts. NFTs, essentially digital collectibles supported on blockchain networks, showcase a broad spectrum of inspirations, ranging from game characters and cartoons to artists and artworks.
Among the notable projects making a comeback is Pudgy Penguins, a crypto initiative that has seen a notable increase in value after a recent downturn. Operating on the Ethereum blockchain, the NFT series comprises 8,888 cartooned versions of penguins. In just this week, the trading volume for Pudgy Penguins NFTs has surged by an impressive 394 percent, according to data from the CryptoSlam tracker as reported by Decrypt.
After a period of subdued trading, the prices of Pudgy Penguins NFTs have rebounded with a remarkable 74 percent increase. As of now, the most affordable Pudgy Penguin NFT is priced at $21,289 (approximately Rs. 17.7 lakh), showcasing a significant surge from its value around October, where the cheapest NFT was priced at $9,000 (roughly Rs. 7.50 lakh) worth of ETH. This notable resurgence in NFT values aligns with the broader positive momentum observed in the cryptocurrency market, indicating a renewed interest and confidence in the digital collectibles space.
Anime-inspired NFT series Azuki, Ethereum NFT project Milady Maker along with Solana projects Claynosaurz and Chads have seen spikes in their prices these recent weeks, the report said.
This surge in NFT pricings come as a refreshing change of pace from this year’s September, when a report had claimed that among the top 8,850 NFT collections by market cap, 18 percent were worthless, and 41 percent saw their prices drop to around $5 (roughly Rs. 415) to $10 (roughly Rs. 835).
It is notable, that in the backdrop of these NFT revivals, Bitcoin and Ether are trading at their respective nineteen month highs. While BTC is trading at $41,738 (roughly Rs. 34.8 lakh), ETH is priced around $2,228 (roughly Rs. 1.85 lakh). Similarly, Solana and Polygon are also seeing more gains than dips that is launching NFT projects linked to them up the price ladder.
NFTs peaked in September 2021 when sales of these digital collectibles managed to amass around $881 million (roughly Rs. 7,344 crore). However, as of November this year, NFT sales only managed to bring-in $10.85 million (roughly Rs. 90 crore).
