Top Crypto News Today: NFT Market Volumes Surges Amidst The Recent Crypto Bear Market Sentiments!

The massive surge in crypto adoption within the past couple of years has not only seen the rise of many DeFi tokens and dApps; but also the rise of NFTs. The huge interest that the crypto ecosystem showed in NFTs had been somewhat influenced by the adoption of the assets by various artists. For example; Snoop Dogg and Eminem collaborated on a new song with BAYC NFTs featuring in the music video. 

According to the data recorded by NFTgo, an all in one NFT analytics platform, the number of NFT holders increased a whopping 32.24% over the past three months alone! Even after the huge amount of losses suffered by the NFT investors, which followed the ongoing 10-month-long bear market in 2022, the ecosystem however showed sustainable signs of a comeback during the last two weeks of September. 

According to the data recorded in the NFTgo platform, the performance of blue-chip NFT collections, since 12 September 2022, witnessed a steady growth, crawling back toward the 10,000 Ether (ETH) levels that was lost during mid-August 2022. 

Source: NFTgo

NFTgo also recorded a rise in the market capitalization of NFTs, which is usually derived from the floor price, and the trading price of NFTs. The value spiked nearly 16.5% at roughly 11.25 million ETH. It is during the rise of the NFT market cap beyond the $11 million mark that the NFT ecosystem saw a rise in NFT holders’ rate to 32.24%.

Source:NFTgo

The most volume for the NFTs is contributed by Ethereum Name Services (ENS). ENS’s contribution is followed by the infamous BAYC collection and Otherbreed. 

OpenSea, which is one of the biggest NFT marketplaces, recently launched the OpenRarity protocol which will help in verifying the rarity of NFTs within its platform. This protocol aims to provide a reliable “rarity ranking” that would help the investors when considering the purchase of any NFT items.

Source: Financial Express

What are NFTs or Non Fungible Tokens?

NFTs are basically completely unique and non-replaceable digital assets. To put in more simply, NFTs are the only unique token on the entire blockchain network. There can be only one piece of that NFT and no more. There can be a collection of related ones but each one in that collection is unique on its own. Another way to understand it is to think of it as a one-of-a-kind trading card.

WHAT ARE NFTS USED FOR?

NFTs have various usages. NFTs include ownership of digital assets, digital collectibles, ownership of real-world assets, utility tokens, and gaming applications. All of the different categories of NFTs help in serving the different requirements of different industries and thus solves a lot of problems with just one simple solution. The purpose of NFTs is to play a part in increasing market efficiencies, which oftentimes include dealing with cryptos. They enable you to turn physical assets into digital ones and thus ideally eradicate the need for all intermediaries and streamline supply chains.

Additional Read: Crypto Bear Survival Guide