NFT Market Cap Rises to $2.5B: Are We Back?

It should have been foreseen: The Simpsons aired an episode involving NFTs two days ago where Bart (as an NFT) was valued at $1.5 million. People speculated, “Could this be the start of another bull run?” After all, The Simpsons are never wrong. In the two days since the episode dropped, we may be finding that answer, and it’s bullish news for everyone in the space.

According to CoinMarketCap, a Rarity Sniper partner, the market cap of NFTs has risen to $2.5 billion, placing it in the green amid a difficult bear market. Major collections have spiked in terms of their floor price:

  • CryptoPunks by 6.4%
  • Azuki by 7.2%
  • Pudgy Penguins by 4.0%
  • CloneX by 17.8%
  • Mocaverse by 39.3%
  • Cool Cats by 57.4%.

The impetus appears to be a spat of major announcements from companies, providing a much-needed morale boost to the space, and The Simpsons episode, which may be reminding people of the speculative nature of NFTs (a fun and sometimes easy way to make money). In addition, Bitcoin is running, possibly leading people to take some profits from coins and put them into NFTs.

Along with certain top NFT collections growing in value, top NFT blockchains are recording high sales numbers. Ethereum, for instance, has seen a jump of 57% in sales (with a fall in wash trading). Solana, Cardano, and Flow are also recording high numbers. According to NFTStats.eth, the number of unique wallets trading NFTs is higher in the past 24-hour period than it’s been since before the summer.

Could this be the beginning of an NFT bull run?

We’re heading into the Bitcoin halving, which generally makes most other coins run, and that money could be put into NFTs. Time will tell, but these are certainly positive signs.

Crypto Winter Has Had Some Surprises

While it’s easy to say that this crypto winter has seen falling prices and few ways to make money, that hasn’t been the case entirely. In fact, as we’ve written about here, there have been phases where people have made bank. Here are two stories involving these periods, both from six months ago.

During May of this year, the Bitcoin Ordinals protocol really took off, generating excitement within the community and leading to a rush of NFTs being minted on the Bitcoin blockchain. In addition, people started adding meme coins to that chain, creating an upswell of enthusiasm and profit. As people said at the time, Ordinals made Bitcoin fun again. Rather than being just a store of value, it became a tool for speculation.

Around that time, meme coin season was in full swing, with people getting rich off these tokens. One of those was the infamous PEPE token, one that rose in value at one point to reach the top 80 of all cryptocurrencies in market cap. That token, created after the infamous Pepe meme, minted millionaires, especially those who got in early and rode the wave. It was another moment where people could get rich in the bear market.

With Bitcoin pumping and NFTs rising in value, perhaps we’re seeing a return to a bull market, one that certainly all people who have stayed in this market could use. Rarity Sniper will keep an eye on the market and update this article if needed.