Over the past two years, non-fungible tokens (NFTs) have given the crypto ecosystem the boost it needs to gain mainstream attention, with the participation of prominent artists and celebrities. However, despite the massive losses suffered by NFT investors in the ongoing 10-month bear market, the ecosystem has shown steady signs of a comeback in the last two weeks.
According to NFTGo data, the performance of blue chip NFT collections has been steadily increasing since September 12, returning to the 10,000 Ether (ETH) that was lost in mid-August 2022.
Performance of blue chip NFT collections. Source: NFTGO
On September 20, the market capitalization derived from the floor price and the NFT trading price rose almost 16.5% to approximately 11.25 million ETH.
Market capitalization of NFT collections. Source: NFTGO
In response to the market cap surpassing 11 million ETH for the first time in three months, the number of NFT holders grew by 32.24% over the same time period, as shown above.
The Ethereum Name Service (ENS) currently provides the highest volume at 9.25%, followed by popular NFT collections such as Bored Ape Yacht Club and Otherdeed.
The mood of the NFT market. Source: NFTGO
However, the current market sentiment, calculated based on volatility, trading volume, social media and Google trends, remains chilly as investors try to recoup their previous losses.
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The NFT marketplace OpenSea has launched the OpenRarity protocol to test the rarity of NFTs on its platform.
The protocol aims to provide a reliable “rarity rating” that will help investors when considering buying an NFT.