Massive reversal on ETH NFTs?
The Alpha you were definitely not expecting!
Recent action in ETH NFT sector has sparked some hope for ETH Maxis, ETH beta holders, NFT Bag holders, NFT Collectors, NFT Artists and the whole CT in general.
There are some signs in NFT market which many of the analysts have observed and are assuming that it can be the start of something bigger.
More people parking their ETH into NFTs → ETH on-chain usage increases → More hype in ETH ecosystem → ETH price increases → ETH NFTs based tokens like $BLUR & $LOOKS starts to move → ETH beta coins catch up and have a rally → NFTs on Layer 2 chains starts to gain some attention → Meme coins on ETH and other layer 2 starts to moon → ETH takes the charge of the bull season.
I am not predicting that this is all going to happen, rather I’m just pointing out the obvious pattern that repeats every time. There is a lot of hate around NFTs as the NFT market has only gone down for the past 2-3 years. NFTs might not be as great as they were in 2021 but we can definitely see some nice moves happening and some trade setups building, if what we are thinking happening, is actually happening.
Also, the launch of $BLAST could be a catalyst for $BLUR and attract some eyes again on NFTs.
Some recent actions:
Crypto Punk 635 got sold for 4,000 $ETH ($12,405,000).
BAYC pumped more than 70% in 1-2 days. First time in 3 years.
In the past two months, three of the highest punk sales ever were recorded.
Beeple's collections surged over 50%, matching the volume of the past 2 years combined.
Degods announce bridging back to Solana (they are switching chain for the 4th time): Bullish for ETH NFTs.
Batsoupyum bought artwork of XCOPYART for 315 ETH. More editions of XCOPYART also got sold at high prices.
These were some noticeable activities which I came across happening around ETH NFTs. Narratives and sentiments in crypto can shift overnight.
It wouldn't be surprising to witness ETH NFTs resurging and the floors of certain OG collections skyrocketing once more. These are some observations which might become the new alpha in the coming days or can turn out to be nothing more than just another fake pump.
Let’s see what crypto has in the bag for us. It would definitely be great to see NFTs great again. Here's to hoping for a solid NFT comeback!
Thanks for reading,
-Ivaavi