NFTs start climbing up the price ladders again while Bitcoin, Ether shows continuous rally

The market for non-fungible tokens (NFTs) seems to be on a revival sprint now that the crypto market is on a bull run. With cryptocurrencies like Bitcoin, Ether, Solana, and Polygon pumping in value, there are a bunch NFT series associated with these altcoins have started to climb up the price tracker. NFTs are digital collectibles built to be supported on blockchain networks. From game characters and cartoons to artists and artwork – NFTs can be inspired by a variety of people, places or characters.

Pudgy Penguins is a crypto project that has seen more value so far after seeing a decline in recent months. Built on the Ethereum blockchain, the NFT series is a collection of 8,888 NFTs that look like cartoon penguins. week itself, trading volume for these NFTs has increased by 394 percent, a Decrypt report said, citing data from the CryptoSlam tracker.

After trading low in recent months, the prices of Pudgy Penguins NFTs have increased by 74 percent. At present, the cheapest Pudgy Penguin NFT is priced at $21,289 (roughly Rs. 17.7 lakh). Around October, the cheapest NFT was priced at $9,000 (around Rs. 7.50 lakh) worth of ETH.

Anime-inspired NFT series Azuki, Ethereum NFT project Milady Maker, along with Solana projects Claynosaurz and Chads have seen increases in their prices in recent weeks, the report said.

This increase in NFT prices comes as a refreshing change of pace from this year’s September, when a report had claimed that among the top 8,850 NFT collections by market cap, 18 percent were worthless and 41 percent saw their prices fall to around $5 (roughly Rs. 415) to $10 (roughly Rs. 835).

It is noteworthy that in the background of these NFT revivals, Bitcoin and Ether trade on their respective nineteen month highs. While BTC is trading at $41,738 (approx. Rs. 34.8 lakh), ETH is priced around $2,228 (approx. Rs. 1.85 lakh). Similarly, Solana and Polygon are also seeing more gains than declines, launching NFT projects linked to them up the price ladder.

NFTs peaked in September 2021 when sales of these digital collectibles managed to collect around $881 million (around Rs. 7,344 crore). However, as of November this year, the NFT sale only managed to fetch $10.85 million (roughly Rs. 90 crore).

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