Is the NFT bull market coming back?
According to the latest market data, the NFT market has recently shown significant signs of recovery, but whether it can open a full-blown bull market still requires cautious observation. The key points are as follows:
📈 Highlights of Market Performance
Surge in Trading Volume: The total market value of NFTs has exceeded 6.4 billion USD, with a 24-hour increase of 23.2%; weekly trading volume skyrocketed by 318%, reaching a six-month high.
Blue-chip Projects Lead the Charge: CryptoPunks saw a whale spend 5.7 million USD to purchase 45 pieces, with the floor price rising 15.9% in a day; Moonbirds surged 33.3% due to the OpenSea profile picture event; Pudgy Penguins' sales skyrocketed by 247% thanks to exposure from a TV show.
User Activity Resurgence: The number of buyers surged by 138% in 24 hours, reaching 259,000.
🚀 Three Major Driving Factors
ETH Price Breakthrough: Ethereum soared 50% in two weeks to 3,800 USD, driving the recovery of on-chain asset liquidity, with Ethereum-based NFT transactions accounting for 52% of the market total.
Institutional Capital Layout: Several institutions have been accumulating at low prices, with notable collector FreeLunchCapital confirming that institutions are collaborating through OTC trades to “promote industry upgrades.”
Utility Transformation: P2E games (like Axie Infinity) are recovering, with NFTs shifting from “digital images” to game assets, physical rights (like Pudgy toys), and DeFi staking scenarios.
⚠️ Key Risk Warnings
Insufficient Incremental Funds: The number of active buyers is still down 52% year-on-year, with existing funds dominating the market; retail investor trust has not been fully rebuilt (the market jokingly states “trusting in NFT surges is less reliable than believing I am Qin Shi Huang”).
Concerns Over Valuation Bubbles: The NFT sector has a price-to-earnings ratio of -164 times, a price-to-book ratio of 2.3 times, and 90% of projects still face long-term zero-risk.
Tang Seng's Conclusion
The current NFT market is in a liquidity recovery phase. In the short term, attention should be paid to whether ETH can hold the 3,800 USD support for blue-chip projects to catch up; in the long term, it relies on breakthroughs in scenarios like RWA (real-world assets) and blockchain games to overcome the “image speculation” bottleneck. A genuine bull market requires a triple resonance of liquidity, utility, and new funds; currently, only the first condition is preliminarily met.
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