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NFT ecosystem attempts a bounce back amid bearish market sentiment By Cointelegraph



NFT ecosystem attempts a bounce back amid bearish market sentiment

Over the past two years, nonfungible tokens (NFTs) gave the crypto ecosystem the boost it needed to grab mainstream attention — owing to the involvement of prominent artists and celebrities. However, despite the enormous losses suffered by NFT investors following the ongoing, 10-month-long bear market, the ecosystem showed sustainable signs of a comeback in the last two weeks.

Since Sept. 12, the performance of blue-chip NFT collections witnessed a steady growth, inching back toward the 10,000 Ether (ETH) that was lost in mid-August 2022, according to data by NFTGo.

The performance of blue-chip NFT collections. Source: NFTGo
Market capitalization of NFT collections. Source: NFTGo
NFT market sentiment. Source: NFTGo