Is NFT Ecosystem Making its Comeback?

Subh Rath

September 26, 2022

During the previous three months, there was a growth of 32.24% in the number of holders of NFTs, contributing to the upward trend.

Due to the participation of well-known musicians and celebrities, nonfungible tokens (NFTs) have provided the cryptocurrency ecosystem with the push it required over the previous two years. 

As a result, widespread attention has been garnered. Nevertheless, despite the tremendous losses that NFT investors have sustained due to the prolonged bear market that has lasted for ten months, the ecosystem has shown significant signs of a rebound in the past two weeks.

Let’s talk about the latest growth numbers that the NFT ecosystem has recently seen:

  • Since September 12, the performance of blue-chip NFT collections has been steadily increasing, inching back towards the 10,000 Ether (ETH) that was lost in the middle of August 2022.
  • On September 20, the market capitalization, generated from the floor price and the trading price of NFTs, surged over 16.5% to around 11.25 million ETH. This increase was because the market capitalization was trading at a higher price.
  • The number of NFT holders increased by 32.24% within the same period, corresponding to the market cap breaking through the 11 million ETH barrier for the first time in three months.

The Takeaway:

The nonfungible token (NFT) ecosystem is undeniably back to its growing speed now that there has been a consistent rise in the number of investments in NFTs in recent times.