The NFT market has shown impressive resilience in recent weeks, with trading activity and prices rising even as warnings of a looming recession blare.
Blue-chip NFTs like CryptoPunks and Bored Apes have reclaimed significant lost ground, notching double-digit gains that contrast sharply with the battered mainstream stock markets. High-profile collections like Cool Cats and CloneX have added as much as 50% to their valuations.
Keypoints
- NFT prices have seen a recent rally, with trading volume hitting a 3-month high after The Simpsons featured NFTs.
- Blue chip collections like CryptoPunks, Cool Cats, and Bored Apes have risen in price, while fine art NFTs remain steady.
- Speculation, FOMO, on-chain plays, meme/gaming NFTs with tokens, and wash trading are driving the rally.
- Experts say the rally comes as markets expect loosening financial conditions in 2024 to combat the telegraphed recession.
- A World Economic Forum report…
