EtherRock and BAYC Drive Ethereum NFT Rally
Ethereum-native nonfungible tokens (NFTs) are making a comeback as sales figures in the NFT market continue to grow. Recently, a Wrapped Ether Rock and a Bored Ape Yacht Club (BAYC) NFT were sold for significant amounts, highlighting their status as prestigious symbols within the NFT community. These sales follow the $1.53 million sale of a CryptoPunk NFT, further demonstrating the bullish nature of the crypto market.
According to Anndy Lian, an intergovernmental blockchain expert, and author, these NFTs represent more than just digital art; they act as social and cultural capital within the NFT community. Holders of these NFTs gain prestige and status, which contributes to their popularity and value.
In the past seven days, Ethereum’s NFT sales volume has risen by 99.42% to $159.5 million. This increase can be attributed to the rising sales of the Nobody NFT collection, which generated $8.76 million in weekly sales. In contrast, Bitcoin’s NFT sales fell by 25% to $47.5 million during the same period. This shift in interest from Bitcoin to Ethereum may be due to the recent surge in popularity of Bitcoin Ordinals inscriptions and Solana-native NFTs.
Yehudah Petscher, an NFT Strategist, suggests that traders are always seeking liquidity and opportunities and will move to different blockchains accordingly. The NFT market has traditionally experienced cycles between different assets, but now traders must also consider cycles between different blockchains.
One factor contributing to Ethereum’s sales increase is the Pudgy Penguins NFT collection, which reached a new all-time high floor price before retracing slightly. Pudgy Penguins saw a 143% increase in seven-day sales volume, making it the fourth-largest NFT collection across all blockchains. The collection gained popularity after the announcement of Pudgy World Alpha, an upcoming blockchain-based gaming experience scheduled for release in 2024.
It’s worth noting that the NFT market has been in a downtrend since May 2022. The floor prices of top blue-chip NFT collections like CryptoPunks and BAYC have decreased significantly from their all-time highs. Despite this, recent sales figures and the resurgence of Ethereum-native NFTs suggest a renewed interest and potential for growth in the market.
7 thoughts on “EtherRock and BAYC Drive Ethereum NFT Rally”
Leave a Reply
You must be logged in to post a comment.
Ethereum-native NFTs are definitely making a comeback! It’s great to see their popularity and value rise.
These NFTs are just digital collectibles that have no real-world value. What’s the point?
The NFT market is filled with scams and rip-offs. Be careful where you invest your money.
The NFT market is just a bubble waiting to burst. 💥
The Pudgy Penguins NFT collection is on fire! A new all-time high floor price is remarkable.
The floor prices of top blue-chip NFT collections may have decreased, but the market is showing signs of renewed interest. It’s a promising sign for growth.
Ethereum may be booming now, but it’s only a matter of time before it crashes.