{"id":189573,"date":"2023-11-08T14:12:18","date_gmt":"2023-11-08T08:42:18","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=189573"},"modified":"2023-11-08T14:12:18","modified_gmt":"2023-11-08T08:42:18","slug":"nfts-are-mainstream-again-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/nfts-are-mainstream-again-crypto-news\/","title":{"rendered":"NFTs are mainstream again? – Crypto News"},"content":{"rendered":"

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The mainstream is ready to talk about non-fungible tokens (NFTs) again.<\/p>\n

In the past week, Elon Musk, Joe Rogan, Mark Cuban, and now The Simpsons have all uttered the phrase \u201cNFTs.\u201d Each goes as far as discussing the technology, the market, or in the case of The Simpsons, dedicating its annual Halloween special to the topic.<\/p>\n

While this might be a sign that NFTs are back, (and you could even back that up with some data), some bigger indicators show a true recovery is still a while off.<\/p>\n

Looking at last week\u2019s data we can see the continued uptrend that NFTs are undeniably in.\u00a0\u00a0<\/p>\n

\"37beb0f2ec2d4d15aa205998acb3b383\"<\/figure>\n

Other than trade profits, everything is up. Global NFT sales crossed the US$100 million threshold for the first time since mid-August, and wash sales are at nearly a four-month high. This was also the fourth consecutive week of increasing total NFT sales.\u00a0<\/p>\n

We should still be focused on the number of transactions and the lack of growth there.\u00a0 Those who are already in NFTs have newfound conviction to buy grails, but outside of those traders, we\u2019re not seeing anyone spending their crypto on NFTs. This should be concerning or at the very least, tempering expectations.\u00a0<\/p>\n

For now, a certain set of traders are very active. Specifically, the ones who feed liquidity to the rest of the market. Right now they are buying grail NFTs like rare CryptoPunks and Bored Apes, and scooping up NFTs from iconic collections like Cryptoadz, Doodles, and even Supducks are seeing some life. Usually, these types of purchases trickle down the food chain to the broader NFT community and fuel prolonged mini-runs.\u00a0<\/p>\n

\"dcba7e42925c4e11b944cb982b67f790\"\"dcba7e42925c4e11b944cb982b67f790\"
Soure: CoinMarketCap<\/figcaption><\/figure>\n

Expect the current market trend to continue for at least the next 13 days before Blur\u2019s season 2 ends on Nov 20. The $BLUR token these traders are farming has climbed up to US$0.36, putting the token firmly farming back on the menu for degens.<\/p>\n

Last week, Memeland dropped millions of dollars worth of their new $MEME coin to their NFT holders and injected liquidity into the NFT market. Up next, we\u2019ll have $BLUR and Friend.tech airdrops to serve more fuel on the fire that is priming the NFT market for its typical January liftoff.<\/p>\n

Upwards and onwards, and above all else, have fun collecting. After all, that\u2019s why we\u2019re here.\u00a0<\/p>\n

Peep the charts<\/strong><\/h2>\n
\"c900f3ac854245968a42e38030c31d45\"\"c900f3ac854245968a42e38030c31d45\"<\/figure>\n