Quick Highlights:
- NFT REBOUNDs with $6.04 billion market cap, up 16.9%
- Whale investor spends over 2,080 ETH on 45 CryptoPunks
- Amidst a wider cryptocurrency rally, market sentiment improves
NFT REBOUNDs: Market Bounces Back Over $6 Billion
The NFT REBOUNDs trend is showing real momentum, with the global NFT market pushing above $6 billion for the first time since early February.
Koingko claims that NFTS’s whole market value increased 16.9% to $6.04 billion in a single day.
This spike comes immediately after the cryptocurrency market as a revival was seen in a full force.
More importantly, trading activity is ramping up. CryptoSlam reported a 154% increase in NFT sales volume, reaching $41.4 million in a single day.
So, why is this happening now? The bullish crypto market seems to be pulling NFTs back into the spotlight.
As Ethereum and other altcoins move higher, NFT buyers are once again feeling confident.
NFT REBOUNDs Fueled by Massive CryptoPunks Purchase
What’s really turning heads is one massive transaction.
A whale wallet with the name “0x1bb351…72d6” purchased 45 CryptoPunks NFTs through OpenSea for over 2,080 ETH, or over $7.8 million.
As a result, the CryptoPunks floor price climbed nearly 16%, reaching 47.5 ETH.
This isn’t just a random spike. This type of large purchase often increases market liquidity and attention, and in this example, he would have initiated a major trend of interest in the Upskale NFT collection.
Such tasks mean that high-net-value or institutional investors continue to see old NFT as a long-term value. That belief appears to be spreading.
NFT REBOUNDs Momentum Builds With Crypto Confidence
Many in the industry are connecting this NFT REBOUNDs movement directly to improving sentiment in crypto markets overall.
As Bitcoin trades sideways and Ethereum climbs, investors are looking for other places to allocate capital and NFTs are back on the radar.
Nick Ruck, director at LVRG Research, explained that traders are once again exploring major NFT collections like CryptoPunks.
He noted that there’s a growing view that these collections may still be undervalued, especially if the current bull run in crypto continues to play out.
However, while high sales and price increases are promising signs, some analysts caution against viewing this as a guaranteed recovery.
Real, sustainable growth will depend on how much deeper engagement the market can attract not just single headline-making buys.
Analysts Say the NFT REBOUNDs May Be Just Beginning
Vincent Liu, CIO at Kronos Research, acknowledged the importance of the recent whale activity but added that a single purchase doesn’t create a trend by itself.
For the NFT REBOUNDs narrative to truly hold, more wallets especially retail and mid-size investors need to get involved.
Min Jung, an analyst at Presto Research, echoed that point.
She observed that current NFT trading is heavily focused on legacy collections like CryptoPunks.
Unlike the boom in 2021, where both new and old collections thrived, today’s movement appears narrower in scope.
So far, there’s no breakout new trend or “meta” emerging in NFTs.
That suggests we’re seeing the early stages of a rebound, not a full-blown NFT season just yet.
NFT REBOUNDs Could Spark Broader Market Shift
If the positive sentiment in the crypto space holds steady, more capital could flow back into NFTs.
Historically, strong interest in blue-chip collections has often led to wider enthusiasm across the ecosystem.
Legacy collections like CryptoPunks continue to serve as a signal for broader market behavior.
His current appew can inspire confidence in both collectors and investors who are on the shore.
Nevertheless, it is worth remembering that the health of the NFT market depends on more than purchasing high-profiles.
A wave of community development, active wallets, and new creative projects would be required to develop in permanent speed for all NFT rebels.