Over the past two years, Non-Foldable Tokens (NFTs) have given the cryptocurrency ecosystem the boost it needs to gain mainstream attention – due to the participation of prominent artists and celebrities. However, despite the massive losses incurred by NFT investors in the wake of the 10-month continuous bear market, the ecosystem has shown sustained signs of making a comeback in the past two weeks.
Since September 12, the performance of NFT’s premium pool has seen steady growth, slowly returning about 10,000 Ethers (ETH) that were lost in mid-August 2022, according to NFTGo data.
Excellent performance of NFT clusters. Source: NFTGo
On September 20, the market capitalization, which is derived from the bottom line and the NFT trading price, was up around 16.5% at 11.25 million ETH.
Market capitalization of NFT groups. Source: NFTGo
Conversely, the number of NFT holders increased by 32.24% over the same timeline, as shown above.
The Ethereum Name Service (ENS) currently contributes the largest volume at 9.25%, followed by popular NFT groups such as Bored Ape Yacht Club and Otherdeed.
Market sentiment NFT. Source: NFTGo
However, current market sentiment – calculated based on volatility, trading volume, social media and Google trends – remains cold as investors try to recoup their earlier losses.
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The NFT OpenSea Marketplace has launched the OpenRarity protocol to check the scarcity of NFTs within its platform.
The protocol aims to provide a reliable “rare rating” to assist investors when considering purchasing NFTs.