- Look at the global NFT market’s recent upsurge and derive insights to make valuable insights for the future.
- Explore how NFT development as a business option can be a splendid move to opt for in the way the current market trends go.
- Plan for your new NFT-based business, complete with a defined operational model and flexibility with our experts.
NFTs have long been a household name, although they have become more of an under-credited legacy in the bustling Web3 space. While the market for NFTs remained dominant in the past few years after the initial boom, activities in recent times seem to suggest a second bull run for this digital asset class. With the crypto market on the verge of an optimistic season powered by spot Bitcoin ETFs and the imminent Bitcoin Halving event, experts predict that the NFT space could pick a few leaves from the bull run and utilize them for its own good. This blog from us focuses on how NFT development could be a wise business option to choose from right now.
The Sudden NFT Market Surge
According to market data, the NFT sales volumes on Ethereum and Solana, two of the leading blockchains for NFTs, surged incredibly. This sudden surge is in sharp contrast to a duller trend in the wider NFT market for months together, with the mainstream media even dubbing “NFTs have finally become worthless.”
- Ethereum recently had daily trading volumes breaching the $40 million mark ($42.8 million to be precise). The space was mainly dominated by the NFT marketplace-cum-aggregator Blur, which contributed to 82% of the volume, while the Pudgy Penguins NFT collection’s sales surged by 65% within a week.
- The daily NFT transactions in Solana rose by nearly 93%, with 141,120 transactions being registered on-chain in a single day. Tensor and Magic Eden have been chief contributors to the transaction volume, with 75.74% and 18.85% respectively.
- The comeback for these blockchains has been long-pending, with Ethereum witnessing such a surge after seven months and Solana after a month. If experts’ predictions become true, even other blockchains in the circuit might experience a notable surge in their NFT markets in the coming months.
What Does the Current NFT Market Surge Teach Us?
With the NFT market witnessing an intense surge in recent times, there are a lot of points one can take away from it. Having valuable insights can be helpful in making the NFT industry garner significance in the digital economy. NFT businesses of all scales can benefit immensely from following some planned strategies.
- NFTs are not dead yet, contrary to what a few mainstream media houses say. Though the market is subject to drastic changes, it has enough potential to redefine economics in the digital era. Many global brands adopted NFTs into their operations in the last year, shining as a bright light in the otherwise dull market.
- Ethereum and Solana could have the ultimate competition in the NFT business space as both blockchains come with different advantages. While Ethereum’s strength lies in its long-time market presence and robust security measures, Solana comes with superfast and economic transactions that have impressed one and all.
- Experts also expect the Bitcoin ecosystem to have a bright future for NFTs as Ordinal inscriptions evolve. Also, other networks like Polygon, Avalanche, and Cardano are projected to offer terrific prospects for businesses in the future. Overall, the NFT space is projected to have a revolutionary outbreak in the next bullish phase.
Wanting to Utilize One of the Top-rated NFT Development Business Models?
NFT Development Business Models You Can Use in the Current Market
If you are planning to run a business based on NFT development in the current market, now is the right time to begin. There are several trending models that one can utilize for business at the moment as NFTs prepare for a positive upheaval. The diverse use cases of NFTs mean that business enthusiasts have a lot of options to choose from.
- Launching an NFT or a collection of them can be an obvious business opportunity to utilize. With the market emphasizing heavily on supporting businesses that come with viable and beneficial missions, releasing NFTs that are entry cards to a wider ecosystem can be a good business choice.
- Running an NFT marketplace venture can do good, too, as the model promises exposure to a wider range of market participants, including creators, celebrities, collectors, fans, and professional traders. Working with a professional NFT marketplace development services provider can let you maximize your business potential.
- Developing an NFT game based on the play-to-earn (P2E) or move-to-earn (M2E) models can be a feasible venture choice as well. With predictions indicating an upswing in NFT-based gaming mainly due to their mainstream appeal, providing incomparable user experiences and gameplay mechanisms can set your business apart from the rest.
How Will the NFT Market Surge Impact the Wider Crypto Space?
As we had seen earlier, the NFT market’s latest surge could be instrumental in elevating the crypto space to new levels. Remember what NFTs did to the crypto market during the last bull run? Market researchers project the same trend reoccur this time around as the crypto market braces itself for another optimistic season.
- With NFTs typically getting traded in exchange for various cryptocurrencies, the market circulation of crypto coins will become higher, resulting in a bustling ecosystem. Such situations usually result in a rise in the price of cryptocurrencies, which is considered to be bullish for the market.
- The rise of NFTs’ stature could also witness their influx into the decentralized finance (DeFi) realm as collateral, as more people might flock to loaning platforms to borrow cryptocurrencies. Such activity can definitely bolster the DeFi space, which in turn can contribute to the growth of the wider ecosystem.
- The surge in the NFT market could also benefit other NFT-based business models like launchpads, aggregators, social networks, and metaverses that are vying for the perfect time to attain the recognition they deserve. While most of these saw prominence in the last bull run, none of them could stand the test of time, making them wait for the NFT market to surge.
Henceforth, we have seen in depth how the recent NFT market surge can be instrumental in making business models based on NFT development great again. With the market indicators showing positive signs for a rampant bullish season for NFTs, now could be the time for enthusiastic business owners to level up their game. Suppose you’re such a person looking for the ideal provider of NFT marketplace development services or any other NFT-based business model for that matter. In that case, our team can completely aid you in launching your new business at top-notch quality. Connect with us today with your requirements, and one of our experts will get back to you with further steps.