Blue-Chip NFTs Surging Together: Is Market Confidence Really Back This Time?

Original Article Title: "Suddenly, NFT Seems to Be on the Rise?"

Original Article Author: Azuma, Odaily Planet Daily

The long-cooled NFT track seems to have shown some signs of recovery.

CoinGecko data shows that the total market value of the NFT sector has rebounded to above $6 billion, currently standing at $6.417 billion, with a 23.2% 24-hour increase in price; the growth in trading volume is even more dramatic, with a total trading volume of approximately $40 million in the past 24 hours, representing a 318.3% volume increase.

Among mainstream NFT projects, CryptoPunks, Moonbirds, Pudgy Penguins have performed exceptionally well.

· CryptoPunks saw significant performance due to a whale spending millions of dollars last night to sweep up 45 punks (the whale also acquired multiple Chromie Squiggles). According to NFT artist Jediwolf's statistics, a total of 76 CryptoPunks changed hands in a short span of 5 hours from last night to this morning, marking the largest sweep-up event for the series since 2021. At the time of writing, CryptoPunks' floor price is currently at 47.5 ETH, with a 15.9% price increase in the last 24 hours.

· Moonbirds saw a surge in popularity as OpenSea briefly changed its official banner to the Moonbirds series image last night, boosting its heat. At the time of writing, Moonbirds' floor price is currently at 1.94 ETH, with a 33.3% price increase in the last 24 hours.

· Pudgy Penguins, considered a "beacon in the industry" during the NFT winter, recently appeared in a scene from the second season of the TV show "Poker Face," capturing some outside attention. At the time of writing, Pudgy Penguins' floor price is currently at 16.4 ETH, with a 13.8% price increase in the last 24 hours.

In addition to the above outstanding projects, the vast majority of NFT projects have seen decent price increases, with Bored Ape Yacht Club (BAYC) showing a 13.2% increase in the last 24 hours, Azuki with a 26.8% 24-hour increase, and even in the Bitcoin ecosystem, Taproot Wizards with a 30.3% 24-hour increase.

In addition, NFT concept coins have also seen a sharp rise. According to the OKX market, as of the time of writing, BLUR is currently trading at 0.1176 USDT, with a 24-hour increase of 27.4%, ranking third on the OKX leaderboard.

Regarding the resurgence of the NFT market, although there have been "pump" activities in the market before, over the long years, various kinds of "milking" schemes around NFT have occurred too many times, resulting in a colder market day by day. Retail investors have long been numb to such "pump" rhetoric.

On July 16, BitMEX co-founder Arthur Hayes predicted on X platform that the "ETH Season has arrived, and the DeFi and NFT markets will benefit and make a comeback". However, most of the replies under his post at that time were mostly mocking.

However, with signs of the long-awaited "alt season" gradually emerging recently, discussions about whether the NFT market can revive have also increased.

Founder of BitmapPunks and well-known NFT collector FreeLunchCapital stated today that institutions have already reached out to them in advance for a possible ambush — "Starting from two weeks ago, some institutions have contacted me and made some interesting offers. Everyone knows that I don't sell NFTs, but that's not entirely true. If the other party has resources, can attract more attention to NFTs, and help the industry reach a higher level, I would consider engaging in OTC transactions."

Contributors like 0xCygaar who were active in the previous NFT cycle are also exclaiming, "NFT Season has finally returned."

The sudden resurgence of NFTs is not too difficult to understand logically.

On the one hand, with ETH's strong rebound and rapid surge to new highs, the funds following this trend will not only focus on ETH but also consider related investment targets. As NFTs are part of the Ethereum ecosystem, and most of the top projects are still concentrated within the Ethereum ecosystem, the NFT sector can also be seen as an alternative choice to ETH to some extent. In terms of trading volume, the largest volume NFTs are still the top projects with relatively abundant liquidity on the Ethereum blockchain, indicating that the funds involved in this minor uptrend mainly come from within the Ethereum ecosystem.

On the other hand, after a long bear market, the entire NFT market has gone through a thorough shakeout — weak hands have exited, and intentional whales may have already completed their selection of targets and chip layout. Considering the illiquid nature of NFTs themselves, NFTs may be a more easily manipulated choice compared to altcoins.

However, the current issue is that due to the previous comprehensive coldness of the NFT market, the race consensus has almost collapsed, and even if there is a short-term surge in popularity, it is still unknown whether more retail investors and funds can follow suit.

In other words, the current situation is — if you say that alt season is coming soon, perhaps many retail investors will be willing to place orders. However, if you say that NFTs are about to skyrocket, it seems that it's better to believe that I am the First Emperor of Qin...

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