Over the last two years, NFTs have given the cryptocurrency ecosystem the boost it needed to capture public attention, thanks to the participation of prominent artists and celebrities. However, despite the huge losses suffered by investors in NFTs following the current 10-month long bear market, the ecosystem showed sustainable signs of recovery in the last two weeks. Translation done with the free version of the translator www.DeepL.com/Translator
Since September 12, the return on blue chip NFT collections has seen steady growth, again approaching the 10,000 Ether (ETH) lost in mid-August 2022, according to data from NFTGo.
On September 20, the market capitalization, which is derived from the land price and the trading price of NFTs, shot up almost 16.5%, standing at about 11.25 million ETH.
As the market capitalization passed the 11 million ETH mark for the first time in three months, the number of NFT holders grew by 32.24% over the same timeline, as shown above.
Ethereum Name Service (ENS) currently contributes the most volume, at 9.25%, followed by popular NFT collections like Bored Ape Yacht Club and Otherdeed.
However, current market sentiment – calculated based on volatility, trading volume, social media and Google trends – remains cool as investors try to recoup their earlier losses.
NFT marketplace OpenSea launched the OpenRarity protocol to verify the rarity of NFTs within its platform.
The goal of the protocol is to provide a reliable “rarity ranking” to help investors when considering the purchase of NFTs.
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