{"id":180632,"date":"2023-10-25T13:09:19","date_gmt":"2023-10-25T07:39:19","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=180632"},"modified":"2023-10-25T13:09:19","modified_gmt":"2023-10-25T07:39:19","slug":"nfts-dressing-up-as-a-bull-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/nfts-dressing-up-as-a-bull-crypto-news\/","title":{"rendered":"NFTs dressing up as a bull? – Crypto News"},"content":{"rendered":"

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Are non-fungible tokens (NFTs) actually back this time, or are they just dressing up as a bull for Halloween?\u00a0<\/p>\n

Life seems to have returned to NFTs, both in sales and in how people talk about them. Fueled by Bitcoin\u2019s mega bullish \u201cUptober,\u201d fantastic art sales in NFTs, Blur\u2019s Season 2 rewards end date announcement, and traders throttling back on social finance (SoFi) platforms, these events are driving traders back to NFTs.\u00a0<\/p>\n

Friend.tech had kept traders busy for the past two months, but now is struggling to keep their attention, with key trading volume falling off drastically ever since security concerns were\u00a0reported<\/a>\u00a0by the community in early October. Once users had a reason to look elsewhere for their degen needs, they turned right back to NFTs and other SoFi platforms like\u00a0Stars Arena<\/a>\u00a0and\u00a0New Bitcoin City<\/a>.<\/p>\n

But NFT activity really started ramping back up on Oct. 9 when Blur announced Nov. 20 as the end of point rewards farming. The market got a few additional pumps from\u00a0fake<\/a>\u00a0Bitcoin ETF approval news on Oct. 16, followed by tangible\u00a0reports<\/a>\u00a0on Oct. 20 that ETF approvals are imminent.<\/p>\n

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NFTs move on news, and a steady stream of positive stories is giving the market some serious momentum.<\/p>\n

In the past week, that momentum has driven multiple NFT collections like Michelin and\u00a0Trip.com<\/a>\u00a0to sell out their primary sales, a nearly impossible feat in the bear market. Equally as impressive is Zynga\u2019s SugarTown Oras, who maintained the value of their NFTs after their art was revealed. If you\u2019re active in NFTs, you know just how rare of a feat this is.<\/p>\n

That same momentum extended to the global NFT markets.<\/p>\n

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Last week was the second consecutive week of increased sales in NFTs, which is something we haven\u2019t seen since the beginning of August. Sales are up 25% from the year\u2019s low of US$55 million just two weeks ago, and nearly all metrics saw a similar increase. Wash sales even got in on the action with over US$33.5 million in sales, its highest weekly total since US$53.9 million on the week of August 14, and up 99% from US$16.9 million on the week of Oct 2.\u00a0<\/p>\n

Last week\u2019s sales represent a five-week high for the NFT market and was capped off by Friday\u2019s US$11.1 million in sales, the highest day of global NFT sales since Sept 20.<\/p>\n

Some caution is warranted by NFT traders, though. If the NFT market is largely moving because of Bitcoin\u2019s Uptober, you should be aware that four of the past five years saw the price of $BTC tumble in November.\u00a0<\/p>\n

Still, even if Bitcoin does falter, we\u2019re primed for a big year in the blockchain in 2024, with traders who have shown us that they\u2019re still very active, engaged, and ready to turn on the trading faucet at the drop of news.\u00a0<\/p>\n

NFTs are not back yet, but the hot\u00a0crypto\u00a0market will soon bring about a thaw.<\/p>\n

Peep the charts<\/strong><\/h2>\n
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