The non-fungible token market continues showcasing strong resilience despite the general crypto industry suffering from industry problems such as exchange blowups, extended bear market, and increased lending platform scandals.
DecentTrader Predicts Bullish NFT Market In 2023
DecenTrader NFT King Index, a digital collectible aggregating firm that tracks the floor prices of the top 50 NFTs on Ethereum, has foreseen a bullish NFT market this New Year unless there is a broader market crash in the crypto industry.
According to the DecenTrader, the popular blue ship tier NFT collections, which began rallying sometime in November 2022, are likely to continue leading the anticipated bullish opportunities for the NFTs this year. It’s worth noting that the same Blue chip NFTs also led the 2021 NFT bullish market.
NFTs That Are Likely To Lead The Next Bull Run
Pudgy Penguin is one of the NFT collections that will likely lead the next bullish market. Launched in July 2021, Pudgy Penguins is an Ethereum-based NFT collection featuring a fixed set of 8,888 hand-drawn penguins.
The Pudgy Penguin came into existence when animal-inspired profile picture (PFP) projects, such as the Bored Ape Yacht Club, had just risen to fame. In recent weeks, the NFT collection has been attracting mass adoption, reaching new record highs.
The Pudgy Penguin NFT collection has a floor price of 7 ETH, up +200 % from its record low just six weeks ago. Other ‘blue-chip’ collections, which have also led the rally since November, include Azuki, up +90, and Bored Ape Yacht Club, up +60 from their record lows.
In the meantime, the DecenTrader NFT King Index predicts that the NFT market will most likely see an increase in the new listing once prices start accelerating as some holders look to list their NFTs to sell and realize profits.
Nonetheless, even though there is strong momentum in the NFT sector, the bullish market will depend on whether the flagship crypto Bitcoin and Ethereum will retain their prices this first quarter of 2023.
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