- NFTs walk towards the limelight as the world rises towards virtual reality.
- Crypto proponent enlightens his views on the booming space.
The crypto market is currently moving along the treacherous rally, as digital coins attempt to level up the momentum to break through the barriers. Meanwhile, several traders and investors look towards alternative investment options. Until the space rises towards normalcy. The Popularity of Non-Fungible Tokens gains traction, as prominent ones continue to rise higher.
Now widely popular metaverse has been of vital importance for NFTs and digital art. As these cater to the numerous applications that the metaverse serves. Buyers have been looking forward towards NFTs lately, and prominent ones have surged exponentially well. Crypto proponent enlightens his views on the emerging space.
Is NFT space Bear Ridden?
The crypto proponent mentions in a conversation that, while netizens claim the bear market to be worse. He believes the NFT market is ridden by the bears, except for the blue chips, which are performing at an astonishing rate. He mentions that for 97% of the NFTs, the market is brutal, as these are yet to attain exposure.
Consecutively, the NFT marketplace is in a better position, as the majority of tokens are far from the limelight. A few outperforming the entire market is to praise for.
Sections believe the rise of NFTs to be related with that of ETH. That is, the rise of NFTs is directly proportional to the rise in ETH price. This is not necessarily the trajectory, as lower ETH prices and lower gas fees could further encourage NFT sales.
High gas fees have been a concern for NFT buyers. As in several instances, buyers are shelling out more than they probably should. This is why NFTs built on blockchains other than Ethereum are gaining traction. The rise of NFTs despite the market crumpling imparts belief over other lesser-known NFTs.
Collectively, projects such as Decentraland, The Sandbox, Bored Ape Yacht Club, Cool Cats are among the many other potential projects. Which are rising in popularity amongst enthusiasts.
Sections believe NFTs could replicate the traditional art market in near future, which are less prone to market cycles. Several investors are buying NFTs for creativity, future prospects, and significant investments are flowing from profits extracted out of top cryptos.