NFTs Masquerading as Bulls: A Cryptoween Costume Party

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NFTs: Exploring the Crypto Cattle Costume Trend!

Are non-fungible tokens (NFTs) actually back this time, or are they just dressing up as a bull for Halloween? 

Life seems to have returned to NFTs, both in sales and in how people talk about them. Fueled by Bitcoin’s mega bullish “Uptober,” fantastic art sales in NFTs, Blur’s Season 2 rewards end date announcement, and traders throttling back on social finance (SoFi) platforms, these events are driving traders back to NFTs. 

Last week was the second consecutive week of increased sales in NFTs, which is something we haven’t seen since the beginning of August. Sales are up 25% from the year’s low of US$55 million just two weeks ago, and nearly all metrics saw a similar increase. Wash sales even got in on the action with over US$33.5 million in sales, its highest weekly total since US$53.9 million on the week of August 14, and up 99% from US$16.9 million on the week of Oct 2. 

Last week’s sales represent a five-week high for the NFT market and was capped off by Friday’s US$11.1 million in sales, the highest day of global NFT sales since Sept 20.

Some caution is warranted by NFT traders, though. If the NFT market is largely moving because of Bitcoin’s Uptober, you should be aware that four of the past five years saw the price of $BTC tumble in November. 

Still, even if Bitcoin does falter, we’re primed for a big year in the blockchain in 2024, with traders who have shown us that they’re still very active, engaged, and ready to turn on the trading faucet at the drop of news. 

Source: Forkast

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