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Is the NFT Boom Back?

December 11, 2023
x min read

NFTs were one of the biggest boom and bust cycles in crypto. And many thought their moment as a relevant digital asset was long gone. But, is the NFT boom on the way back?

What’s happening:

  • The trading volume in NFTs are up significantly month over month as capital is quickly pouring back into crypto

Why it matters:

  • NFTs have been a largely forgotten about digital asset that many assumed were a short lived fad after experiencing an implosion in value
  • NFTs are considered to be a good indicator on how much speculative capital is active within crypto and digital assets

The intrigue:

  • Sothebys just launched a new auction for NFT project Bitcoin Ordinals earlier this month

By the numbers:

  • NFT trading volume in November was up 125% month over month
  • Approximately $994M of total transactions occurred across multiple NFT exchanges in November
  • 80% of the NFT transaction volume has occurred on Blur
  • 18% of the NFT transaction volume has occurred on OpenSea

Yes, but:

  • Nominal prices on NFT collections are still down significantly from previous all time highs despite the recent uptick in activity
  • While many notable collections have maintained a loyal community and digital presence, thousands of NFT projects were completely abandoned by founders and developers after the NFT ecosystem fell largely out of favour
  • Another challenge for NFT collections has been dealing with regulatory scrutiny and litigation amid governments trying to define whether or not many NFT collections represent the offering of a security

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