The non-fungible token (NFT) market is experiencing a sudden surge in popularity as the overall cryptocurrency market enters a bull run. Leading cryptocurrencies like Bitcoin, Ether, Solana, and Polygon are witnessing significant increases in value, which has had a direct impact on the prices of various NFT series associated with these altcoins. NFTs are unique digital collectibles that utilize blockchain networks for support. They can depict a wide range of subjects, from game characters and cartoons to artists and artworks. One such NFT project, Pudgy Penguins, is currently undergoing a revival, gaining value after a recent slump.
Based on the Ethereum blockchain, Pudgy Penguins is a collection of 8,888 NFTs that feature adorable cartoon penguins. In recent days, these NFTs have seen a massive surge in trading volume, increasing by a staggering 394 percent. As a result, the prices of Pudgy Penguins NFTs have spiked by 74 percent. The cheapest Pudgy Penguin NFT is now priced at $21,289 (roughly Rs. 17.7 lakh), a significant jump from its previous price of $9,000 (roughly Rs. 7.50 lakh) in October.
It’s not only Pudgy Penguins that is experiencing a revival. Several other NFT series have also witnessed significant increases in their prices. Azuki, an anime-inspired NFT series, along with Ethereum NFT project Milady Maker, as well as Solana projects Claynosaurz and Chads, have all seen spikes in their prices in recent weeks. This resurgence in NFT valuations is a welcome change from September this year when a report revealed that 18 percent of the top 8,850 NFT collections by market cap were considered worthless, and 41 percent had experienced price drops to around $5 (roughly Rs. 415) to $10 (roughly Rs. 835).
NFTs Thriving Amidst Cryptocurrency Highs
The resurgence of NFT prices coincides with the upward trajectory of Bitcoin and Ether, both of which are currently trading at their respective nineteen-month highs. Bitcoin is trading at $41,738 (roughly Rs. 34.8 lakh), while Ether is priced around $2,228 (roughly Rs. 1.85 lakh). Similarly, Solana and Polygon are also experiencing more gains than losses, boosting the value of NFT projects associated with these altcoins. It’s worth noting that NFTs reached their peak in September 2021, with total sales surpassing $881 million (roughly Rs. 7,344 crore). However, as of November this year, NFT sales have seen a significant decline, generating only $10.85 million (roughly Rs. 90 crore) in revenue.
The recent resurgence in the NFT market signifies a renewed interest in digital collectibles. As cryptocurrency prices soar, investors and collectors are once again seeing the potential in NFTs. The unique nature of these digital assets, coupled with their ability to be securely supported on blockchain networks, makes NFTs an appealing investment option. Whether it’s the adorable Pudgy Penguins or other NFT projects associated with popular altcoins, the market for digital collectibles is witnessing a revitalization that promises to bring new opportunities and excitement to both creators and investors alike.
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