In September, a number of prominent news organizations declared non-fungible tokens (NFTs) to be devoid of value. The trading volume of NFTs has increased dramatically, culminating in a four-month high on November 10.
Many popular collections posted gained double-digit percentages compared to the previous month after CryptoPunks saw a rush of purchases, followed by the co-founder at Yuga Labs, Wylie Aronow, who distributed $1.1 million for the rare punk NFT.
The digital community seems to have contravened after the recently aired The Simpsons episode aimed at NFTs. Although this bounce is a welcome development for NFT holders, it is essential to note that NFT airdrop farmers, not new buyers, have been responsible for most of the increased activity.
A leading top-tier NFT marketplace, Blur has been posting NFT AirDrop campaigns that will conclude on November 20 as BLUR tokens are distributed to lenders and active traders. It has increased its price by more than double over the last month. This has led several airdrop farmers who initially stopped participating in the program to return.
A rise in daily Blur users has also backed it, while the users of OpenSea have remained relatively steady. The total number of NFT traders continues to languish around ATLs, even after rising over the last month.
The same users are buying these NFTs, but there are not many newcomers. Although it is too early to judge if the NFT rally is the beginning of a new bullish market or simply a bounce, the ongoing cryptocurrency rally may play a significant role.
Blur is witnessing a new-found interest from cryptocurrency investors amid increasing trading volumes, especially in the NFT sector. The marketplace has surged more than 150% after hitting an ATL of $0.15 on October 12.