Original | Odaily Planet Daily (@OdailyChina)
Author | Azuma (@azuma_eth)
The NFT sector, which had long cooled down, seems to be showing some signs of warming up.
CoinGecko data shows that the total market capitalization of the NFT sector has risen above $6 billion, currently reported at $6.417 billion, with a 24H increase of 23.2%; the growth in trading volume is even more dramatic, with a total trading volume of about $40 million in the past 24 hours, an increase of approximately 318.3%.
Among mainstream NFT projects, CryptoPunks, Moonbirds, and Pudgy Penguins have performed particularly well.
CryptoPunks saw a major whale spend millions last night to acquire 45 pieces (the whale also bought several Chromie Squiggles). NFT artist Jediwolf reported that a total of 76 CryptoPunks changed hands in just 5 hours from last night to this morning, marking the largest buying spree for this series since 2021. As of the time of writing, the floor price for CryptoPunks is reported at 47.5 ETH, with a 24-hour increase of 15.9%.
Moonbirds gained attention when OpenSea briefly changed its official X avatar to an image from the Moonbirds series last night, boosting its popularity. As of the time of writing, the floor price for Moonbirds is reported at 1.94 ETH, with a 24-hour increase of 33.3%.
Pudgy Penguins, which has been a "beacon of hope" during the NFT winter, recently appeared in a scene from the American TV series "Poker Face," capturing some external traffic. As of the time of writing, the floor price for Pudgy Penguins is reported at 16.4 ETH, with a 24-hour increase of 13.8%.
Aside from the standout projects mentioned above, the majority of NFT projects have also seen decent increases. As of the time of writing, BAYC has a 24-hour increase of 13.2%, Azuki has a 24-hour increase of 26.8%, and the Bitcoin ecosystem is no exception, with Taproot Wizards seeing a 24-hour increase of 30.3%.
Additionally, NFT concept coins have also experienced significant gains. According to OKX market data, as of the time of writing, BLUR is reported at 0.1176 USDT, with a 24-hour increase of 27.4%, currently ranking third on OKX's gainers list.
Regarding the warming of the NFT market, although there were people "calling the market" earlier, over the long period of the past few years, the various "milk strategies" surrounding NFTs have appeared too many times, resulting in the sector becoming colder by the day, and retail investors have long been numb to similar "calls."
On July 16, BitMEX co-founder Arthur Hayes predicted on the X platform that "ETH Season has arrived, and the DeFi and NFT markets will benefit and make a comeback," but at that time, most of the replies to his post were mainly sarcastic.
However, as the "altcoin season," which the market has been eagerly anticipating, shows some signs of arriving, discussions about whether the NFT market can warm up have gradually increased.
FreeLunchCapital, the founder of BitmapPunks and a well-known NFT collector, stated today that some institutions have contacted him in advance trying to acquire NFTs — "Since two weeks ago, some institutions have contacted me with some interesting offers. Everyone knows I don't sell NFTs, but that's not entirely true. If the other party has resources that can attract more attention to NFTs and help the industry advance, I would consider an over-the-counter transaction."
Contributors like 0xCygaar, who were active during the last NFT cycle, have exclaimed that "NFT Season has finally returned."
The sudden warming of NFTs is not too difficult to understand logically.
On one hand, as ETH rebounds strongly and quickly rises to high levels, the incoming funds will consider related investment targets while focusing on ETH. Since NFTs thrive in the Ethereum ecosystem, and most leading projects are still concentrated in the Ethereum ecosystem, the NFT sector can to some extent be viewed as an alternative choice to ETH. In terms of trading volume, the largest trading volumes for NFTs are still from leading projects with relatively abundant liquidity on the Ethereum chain, indicating that the funds for this small rebound mainly come from within the Ethereum ecosystem.
On the other hand, after a long period of downturn, the entire NFT market has undergone sufficient cleansing — weak hands have exited, and those looking to control the market may have already completed their selection of targets and positioning of chips. Considering the non-standard liquidity characteristics of NFTs, they may be a more manageable choice for market control compared to altcoins.
However, the current issue is that due to the NFT market being so thoroughly cold previously, the consensus in the sector has almost collapsed; even if short-term enthusiasm has increased, it remains uncertain whether more retail investors and funds can follow up.
In other words, the current situation is — if you say the altcoin season is coming, there may still be many retail investors willing to buy in, but if you say NFTs are about to skyrocket, it seems it's not as believable as saying I am Qin Shi Huang…
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