Rising tides lift all ships – apparently even those of the battered, under siegeAnd often praised NFT market.
As top altcoins included Ethereum And Solana continue pump steadilylargely influenced by Bitcoin’s enormously persistent status weeks of price increasesNFT collections associated with these blockchain networks now appear to be participating.
Pudgy Penguins for example, an Ethereum NFT collection and has been around for a long time bear market favoriteis up 74% in the bottom price of USD in the past week alone NFT price floor. The reserve price refers to the lowest listed price for a single NFT in a given collection. Trading volume on Pudgy Penguins is also up 394% this week, per CryptoSlamto nearly $7.5 million in NFT sales.
While Pudgy Penguins has enjoyed better fortunes than many other Ethereum NFT collections during the ongoing crypto winter – largely thanks to the project’s prioritization of regular partnerships and other IP tie-ups: This week’s wins are clear. It currently costs $21,289 in ETH to purchase the cheapest Pudgy Penguin NFT on offer. Before last month, the highest price floor the collection ever reached was just above $9,000 worth of ETH.
Other Ethereum NFT collections have similarly skyrocketed amid the crypto market’s tentative comeback. The USD floor price for Azukithe popular anime-inspired NFT series, is increase 28% to $14,803 each since Thursday. Dominant Ethereum NFT Collections Bored Ape Yacht Club And CryptoPunks have pricked 31% And 17% since Thanksgiving, respectively, in the same metric.
Ethereum NFT project Mrs. Maker also seems to have benefited enormously from the current market mood: the USD price floor for the controversial collection has enriched 79% in the past week.
Ethereum’s steady price rise in recent weeks can also only explain some of this good fortune: since Turkey Day, the cryptocurrency is up just 7.7%, according to Coin gecko.
The NFT rebound doesn’t seem to be just relegated to Ethereum, either. On Solana, several NFT collections are seeing huge revivals.
Mad Lads, Solana’s remains most vibrant NFT project since launching earlier this year, it has risen 52.6% in the past week – to an eyebrow-raising minimum price of $10,219 at the time of writing, per Solana floor. While the project has certainly benefited from Solana’s impressive rally over the past month it has also drawn attention to the benefits holders receive in connection with the Backpack appand the company will be launching soon crypto exchange with the same name.
But as with Ethereum, no project-specific factor appears to be driving the recent gains for NFTs on Solana. The trend clearly appears to be market-wide.
Over the past week, the floor price of the Solana NFT collection Claynosaurz has increased by 62%; trading volume for the series increased 324% in the same period.
The rock bottom prices for the Solana NFT collection Chads have increased eight times in the last seven days, from $44 to $359. During that time, Chads has seen trading volume worth $357,935 increase of 12,914% from the week before.
Edited by Andrew Hayward