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The market capitalization of the NFT market exceeds 6 billion Dollar, reaching levels not seen since February 25.
The market capitalization of NFTs (non-fungible tokens) exceeded $6.8 billion (approximately ¥1 trillion) at one point and has been on an upward trend since the beginning of this month.
The following is data from "CoinGecko", showing the trend of NFT market capitalization over the maximum period that can be displayed. It is currently at the level seen since February of this year.
According to data from "CryptoSlam", NFT transactions have also increased. The number of transactions has risen by over 64% compared to the previous week and over 32% compared to the previous day. Additionally, the trading volume surged on the 20th, increasing by over 140% from the 19th to the 20th.
When viewing NFTs individually on CoinGecko, the market share of "CryptoPunks" has been high over the past month. Regarding CryptoPunks, there is also a confirmed case where one address purchased 45 NFTs for a total of 2,080 ETH (equivalent to 1.1 billion yen at the current rate) within 24 hours.
Analysis by Experts
According to "The Block", Nick Ruck, the director of LVRG Research, believes that the increase in NFT demand is attributed to the recent bullish market for altcoins such as Ethereum (ETH) and the strengthening of investors' risk appetite.
Furthermore, there is a view that traders are purchasing well-known NFTs like CryptoPunks due to the speculation that NFTs are still undervalued and there is a possibility of the next wave coming. Additionally, it is predicted that the current bull market may last longer compared to the past year.
On the other hand, Mr. Min Jung, a research analyst at Presto Research, stated that the bullish market for cryptocurrencies is affecting NFTs, while also showing a cautious stance regarding the current situation.
Mr. Jung stated, "Current NFT transactions are centered around past collections like CryptoPunks, rather than newly issued NFTs. We have not yet entered a full-fledged NFT season."