Nonfungible tokens (NFTs) have helped the crypto ecosystem gain popular exposure over the past two years, thanks in large part to the participation of well-known musicians and celebrities. Despite the ecosystem showing durable signs of a rebound in the last two weeks despite the significant losses experienced by NFT investors after the current 10-month-long bear market.
According to the Cointelegraph, the engagement of well-known musicians and celebrities in the development of nonfungible tokens (NFTs) during the past two years provided the cryptocurrency industry with a much-needed boost in order to attract popular attention.
NFT In A Bearish Market Sentiment
The ecosystem has shown durable signs of a rebound in the past 2 weeks, despite the large losses experienced by Nonfungible tokens investors as a result of the continuing, 10-month-long bad market. Nonfungible tokens data shows that the performance of top Nonfungible token collections has been on the upswing since September 12, gradually regaining the 10,000 ETH that’s been lost in mid-August 2022.
Blue-chip Nonfungible tokens collections have been steadily recovering since the 12th of September, according to statistics by NFTGo, and are now almost back to the level of 10,000 Ether (ETH) that had been lost in the middle of August 2022. On September 20th, market capitalization, calculated by adding the Nonfungible tokens’ floor price and trading price, surged approximately 16.5% to about 11.25 million ETH. As can be seen in the above graph, the number of Nonfungible token owners rose by 32.24% over the same time period as the market capitalization passed the 11 million ETH level, something it had not done in three months.
The Ethereum Name Service (ENS) is the main contributor at 9.25%, followed by prominent Nonfungible tokens collections like Bored Ape Yacht Club and Otherdeed. To guarantee the authenticity of NFTs traded on its platform, NFT marketplace OpenSea implemented the OpenRarity protocol.
The protocol’s intended use is to offer potential buyers a trustworthy “rarity ranking.”