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HomebitcoinNFT ecosystem attempts a bounce back amid bearish market sentiment

NFT ecosystem attempts a bounce back amid bearish market sentiment

Supporting the uptrend, the number of NFT holders grew 32.24% over the past three months, as evidenced by data from NFTGo.

Over the past two years, nonfungible tokens (NFTs) gave the crypto ecosystem the boost it needed to grab mainstream attention — owing to the involvement of prominent artists and celebrities. However, despite the enormous losses suffered by NFT investors following the ongoing, 10-month-long bear market, the ecosystem showed sustainable signs of a comeback in the last two weeks.

Since Sept. 12, the performance of blue-chip NFT collections witnessed a steady growth, inching back toward the 10,000 Ether (ETH) that was lost in mid-August 2022, according to data by NFTGo.

The performance of blue-chip NFT collections. Source: NFTGo

On Sept. 20, the market capitalization, which is derived from the floor price and the trading price of NFTs, spiked nearly 16.5% at roughly 11.25 million ETH.

Market capitalization of NFT collections. Source: NFTGo

Reciprocating the market cap breach of the 11 million ETH mark for the first time in three months, the number of NFT holders grew 32.24% along the same timeline, as shown above.

Ethereum Name Service (ENS) currently contributes the highest volume at 9.25%, which is followed by popular NFT collections such as Bored Ape Yacht Club and Otherdeed.

NFT market sentiment. 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 previous losses.

Related: Post offices adopting NFTs leads to a philately renaissance

NFT marketplace OpenSea launched the OpenRarity protocol to verify the rarity of NFTs within its platform.

The protocol aims to provide a reliable “rarity ranking” that would assist investors when considering purchasing NFTs.

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