NFTs Start Climbing Up Price Ladders Again as Bitcoin, Ether Show Continuous Rally

The market for non-fungible tokens (NFTs) seems to be on a revival sprint now that the crypto market is on a bull run. With cryptocurrencies like Bitcoin, Ether, Solana, and Polygon pumping in value, a bunch of NFT series associated with these altcoins have started to be climb up the price tracker. NFTs are digital collectibles that are built to be supported on blockchain networks. From game characters and cartoons to artists and artworks — NFTs can be inspired by an array of people, places, or characters.

Pudgy Penguins is one crypto project that for now, is garnering more value after seeing a slump in these previous recent months. Built on the Ethereum blockchain, the NFT series is a collection of 8,888 NFTs that resemble cartooned versions of penguins. his week itself, the trading volume of these NFTs have shot up by 394 percent, a Decrypt report said citing data from the CryptoSlam tracker.

After having traded lowly in recently months, the prices of Pudgy Penguins NFTs has spiked by 74 percent. At present, the cheapest Pudgy Penguin NFT is priced $21,289 (roughly Rs. 17.7 lakh).    Around October, the cheapest NFT was priced $9,000 (roughly Rs. 7.50 lakh) worth of ETH.

Anime-inspired NFT series Azuki, Ethereum NFT project Milady Maker along with Solana projects Claynosaurz and Chads have seen spikes in their prices these recent weeks, the report said.

This surge in NFT pricings come as a refreshing change of pace from this year's September, when a report had claimed that among the top 8,850 NFT collections by market cap, 18 percent were worthless, and 41 percent saw their prices drop to around $5 (roughly Rs. 415) to $10 (roughly Rs. 835).

It is notable, that in the backdrop of these NFT revivals, Bitcoin and Ether are trading at their respective nineteen month highs. While BTC is trading at $41,738 (roughly Rs. 34.8 lakh), ETH is priced around $2,228 (roughly Rs. 1.85 lakh). Similarly, Solana and Polygon are also seeing more gains than dips that is launching NFT projects linked to them up the price ladder.

NFTs peaked in September 2021 when sales of these digital collectibles managed to amass around $881 million (roughly Rs. 7,344 crore). However, as of November this year, NFT sales only managed to bring-in $10.85 million (roughly Rs. 90 crore).