Despite NFTs not having completely faded into the dust of fashion trends, many had envisioned these famous JPEGs dissolving in an endless bear market. However, data released in recent weeks tells a markedly different story, appearing more vibrant and lively. Major NFT collectibles are gradually emerging from their slump, and some crypto traders are quietly returning to the market.
BAYC has once again thrust historical NFTs into the spotlight.
The price of CryptoPunks has risen from $62,500 to $73,200, while Pudgy Penguins have jumped from $9,500 to $12,900. MAYC has also seen a significant increase, soaring from $1,500 to $3,960, akin to a misdiagnosed patient making a swift recovery.
Thus, the crypto market has not achieved a full recovery but has seen a targeted return focused on the most robust collectibles.
Currently, BAYC's market cap stands at $251 million, with sales of $13.42 million over the past 30 days. CryptoPunks recorded sales of $7.78 million during the same period.
Despite the cheers in the crypto market, trading volumes remain sluggish.
While the NFT market's revival shows some improvement, several problem areas still exist. Data from CryptoSlam indicates that NFT trading volume over the past 30 days was approximately $238.54 million, a decline of 54.89% from the previous period.
Although floor prices have surged, overall trading volume resembles a fragile ECG, under continuous monitoring. Crypto traders are primarily refocusing on blue-chip assets, while other parts of the market remain numb.
This rebound is concentrated on blue-chip stocks, with existing large holders adjusting their positions rather than widespread market demand. This is a positive sign for steadfast holders, but new capital is still needed to support this recovery.
CryptoPunks have now attracted the attention of museums, galleries, and major auction houses.
Despite prices having dropped nearly 90% from speculative highs, several institutions are confidently moving in this direction.
The Centre Pompidou has acquired 18 NFT works from 13 artists, including a CryptoPunk and an Autoglyph. The Los Angeles County Museum of Art (LACMA) has received 22 blockchain artworks donated by Cozomo de’ Medici.
The Museum of Modern Art (MoMA) now owns works by Refik Anadol and Ian Cheng, while Sotheby’s and Christie’s are accelerating their digital platforms. Thus, the crypto market is gradually witnessing non-fungible tokens transition from mere speculative assets to institutional channels for preservation, exhibition, and collection.