Crypto’s boom is so big people are even kicking the tires on Bored Ape NFTs again
Just like last cycle, a bitcoin boom has sent more money back into the NFT market.
On the “Snacks Mix” podcast last week, we had the pleasure of chatting with Nat Eliason, the cryptocurrency entrepreneur-turned-author of “Crypto Confidential,” to chat about the recent resurgence of bitcoin. During our conversation, he noted an interesting trend that happened during the last bull market (emphasis ours):
“Once we hit peak mania, prices correct and retail money that bought the top gets burned, and then things start to get more competitive.
Don’t get me wrong, there is still a lot more money to be made at that point, but the total crypto market cap might go sideways for a year like it did in 2022. But a lot can happen in these sideways markets. That’s when NFTs got huge, and you had Olympus, and ConstitutionDAO, and these other crazy DeFi projects. After bitcoin and ethereum had come down from their peaks, people were chasing other opportunities.”
Basically, once people had made their money on the “blue chip” cryptocurrencies, and that money was still in their crypto wallets, they looked for opportunities — hence the NFT and DAO boom. If history doesn’t repeat itself, it certainly rhymes. On Sunday, Cointelegraph noted that NFT weekly sales volume from November 11-17 had jumped 94% week over week, from $93 million to $181 million. And it’s not just volume that increased: prices of NFTs have been climbing, too. Floor prices for the “Bored Ape Yacht Club,” everyone’s favorite pixelated primates, jumped from ~10.5 ETH to 13.5 ETH over the last week as well.
I’m not going to declare that “NFTs are back,” but the recent bitcoin run certainly hasn’t hurt their prospects.
