Crypto News – NFTs have not profited from the market frenzy, despite the fact that cryptocurrency is slowly approaching a bull market zone.
NFT Prices Continue to Lag Ether Gains, According to Data
Although Ether (ETH) has increased by almost 70% so far this year, NFT valuations have not kept pace. When expressed in Ether, Nansen’s NFT-500 index—which gauges the value of the top 500 NFTs—has decreased by 50% year to date, while in dollars, it has decreased by 16%.
The most well-known NFTs’ valuations, like those of CryptoPunks and the Bored Ape Yacht Club, are measured by the Blue-Chip 10 index, which is down 1.7% in dollars and 44% in Ether. The biggest NFT marketplace, OpenSea, hasn’t done any better. According to data from DeFiLlama, the platform was generating $120.45 million in income and $387.48 million in fees each month during the height of the NFT frenzy in January 2022. Currently, revenue is at $1.39 million, and fees are down to $6 million per month.
NFT Market Seems to be Growing
There are some indications that the market is expanding, such as the number of NFTs that are based on utility rather than monkey JPEGs and are using the technology for ticketing and loyalty schemes.
NFTs have survived their first market cycle and have yet to take on a new jumping point in technology to usher in more user interest, like DeFi had with Uniswap’s AMM. Many new innovations are still being built to increase the use cases of NFTs, but it’s also partly due to the fact that NFT prices are generally negatively correlated with the USD price of Ether.Nick Ruck, the COO of ContentFi
As miners value the fees, Bitcoin ordinals are therefore becoming more and more popular. Jason Fang of Sora Ventures said their success stemmed from their role as a central location for the expanding development of Layer 2 for the Bitcoin network.
Bitcoin Ordinals is not only a breakthrough for bitcoin utility, but also a hub that brings communities together. Communities like Stacks, BSV, Rootstock, and even Starkware, which don’t usually interact with each other, are all exploring ways to get involved and build on Ordinals Protocol – everyone found a common ground and wants a piece of it.Ruck