Has the NFT winter ended?
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Has the NFT winter ended?
The cryptocurrency market rally has driven major cryptocurrencies such as Ethereum and Solana higher, along with their associated NFT markets.
Navigating Web3 tides with focused insightsBy: Sander Lutz
Translation: Baihua Blockchain
Artwork from Mad Lads and Pudgy Penguins.
Image: Mad Lads/Pudgy Penguins
A rising tide appears to be lifting all boats—even the battered, beleaguered, and frequently eulogized NFT market.
With Bitcoin continuing its weeks-long surge in price, top cryptocurrencies like Ethereum and Solana are also climbing—and NFT collections tied to these blockchain networks now seem to be riding that wave as well.
For example, according to NFT Price Floor data, the dollar-denominated floor price of the Ethereum-based NFT collection Pudgy Penguins rose 74% just last week. The floor price refers to the lowest listed price for any individual NFT within a given collection. According to CryptoSlam, Pudgy Penguins also saw trading volume surge by 394% this week, with nearly $7.5 million in NFT sales.
While Pudgy Penguins has fared better than many other Ethereum NFT collections during the current crypto winter—thanks to its focus on mainstream partnerships and other intellectual property tie-ins—the recent spike is still striking. It now costs 21,289 dollars worth of Ethereum to buy the cheapest Pudgy Penguin NFT. Just a month ago, the collection's peak had only slightly exceeded 9,000 dollars worth of Ethereum.
Other Ethereum NFT collections have seen similar gains amid the tentative recovery in the broader crypto market. The dollar floor price of Azuki, a popular anime-inspired NFT series, has risen 28% since Thursday, reaching $14,803 per piece. Dominant Ethereum NFT collections Bored Ape Yacht Club and CryptoPunks have increased 31% and 17% respectively since Thanksgiving.
The controversial Ethereum NFT project Milady Maker also appears to be benefiting significantly from current market sentiment—the collection’s dollar floor price surged 79% over the past week.
Yet the steady rise in Ethereum’s price over the past few weeks can only partially explain these fortunes: according to CoinGecko, the cryptocurrency has risen just 7.7% since Thanksgiving.
The NFT rebound doesn’t appear limited to Ethereum either. On Solana, several NFT collections are also seeing sharp increases.
Mad Lads has been Solana’s hottest NFT project since its launch earlier this year, and according to Solana Floor, it rose 52.6% last week alone, reaching a surprising floor price of $1,219. While the project has undoubtedly benefited from Solana’s impressive monthly gains, it has also attracted attention from holders of perks linked to the Backpack app and the company’s upcoming namesake crypto exchange platform.
But just like on Ethereum, no single project-specific catalyst seems to be driving the recent NFT rally on Solana. The trend is clearly across the board.
Last week, the Solana NFT collection Claynosaurz saw its floor price soar 62%, while its trading volume surged 324% over the same period.
Within the past seven days, the floor price of the Solana NFT collection Chads jumped eightfold—from $44 to $359. During that time, Chads’ trading volume reached $357,935, an increase of 12,914% compared to the previous week.
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