Tradingplatforms.com’s Edith Reads has shared her thoughts on the news. She notes that NFTs are bullish owing to the increasing crypto adoption. She also affirms that CryptoPunks is a significant project in the NFT sphere. The project is dominant due to being a pioneer in developing assets. That aspect attracts more investors each day due to the developing social status among (CryptoPunks) holders.
NFTs witnessed a fall in their average price over the past month
NFTs are still posting impressive figures amid the ongoing crypto dip over the past month. The total average price of these assets stands at about $50k, but 80% of this figure is contributed by two projects only.
CryptoPunks contributed 55.5%, while LooksRare contributed 24.51% of the total average price of the assets. Most of these NFT projects have dropped their average prices compared to the previous month.
CryptoPunk shed 29.98% from its previous months’ prices. CryptoSlam, on the other hand, recorded a price increase of over 600%. Similarly, BloctoBay appreciated by roughly 407%.
What’s in the future for NFTs?
NFTs remain bullish despite the effects of the ongoing crypto dip. Compared to traditional financial projects, they have registered impressive growths in the past year.
They grew from $100 million in 2020 to over $21B in 2021. This growth has attracted many investors ranging from institutions to individuals and drawn the attention of many analysts.
Last year big names like Mercedes, Lamborghini, Nike, and Adidas made headlines for joining NFTs. Nike even released some NFT products. Additionally, renowned artists like Steve Aoki, Shakira, 3LAU, and Eminem have hopped on to its bandwagon. Businessman Kevin O’Leary for example believes that NFTs will eventually accrue more value than BTC.