The non-fungible token (NFT) market is experiencing a resurgence, riding the bullish wave of the overall crypto market. As cryptocurrencies such as Bitcoin, Ether, Solana, and Polygon witness significant value surges, several NFT series associated with these digital assets are scaling up the price charts. NFTs, which are digital collectibles supported by blockchain networks, span a diverse range from game characters and cartoons to unique artistic creations.
One notable crypto project, Pudgy Penguins, is currently gaining increased value after a recent downturn. Operating on the Ethereum blockchain, this NFT series comprises 8,888 cartooned penguins. In the current week alone, the trading volume for Pudgy Penguins NFTs has surged by an impressive 394%, according to data from the CryptoSlam tracker as reported by Decrypt.
Following a period of relatively lower trade activity in recent months, the prices of Pudgy Penguins NFTs have shot up by 74%. The cheapest Pudgy Penguin NFT is currently priced at $21,289 (approximately Rs. 17.7 lakh), a notable increase from the $9,000 (roughly Rs. 7.50 lakh) valuation in October.
Other NFT series, including the anime-inspired Azuki, Ethereum’s Milady Maker, and Solana’s Claynosaurz and Chads, have also experienced price spikes in recent weeks, according to the report.
This resurgence in NFT prices represents a positive shift from September of this year, when a report highlighted that 18% of the top 8,850 NFT collections by market capitalization were deemed worthless, and 41% saw their prices drop to the $5 (roughly Rs. 415) to $10 (roughly Rs. 835) range.
It is noteworthy that amidst this revival of interest in NFTs, both Bitcoin and Ether are trading at their respective nineteen-month highs, with BTC at $41,738 (approximately Rs. 34.8 lakh) and ETH priced around $2,228 (roughly Rs. 1.85 lakh). Similarly, Solana and Polygon are also experiencing more gains than losses, contributing to the upward trajectory of NFT projects associated with them.
While NFTs reached their peak in September 2021 with sales totaling around $881 million (roughly Rs. 7,344 crore), November of this year has seen a decrease in NFT sales, amounting to only $10.85 million (roughly Rs. 90 crore).
