NFTs are well-known, but in the crowded Web3 market, they are now more of an underappreciated legacy. Even while the NFT market continued to dominate in the years following the first boom, recent events appear to point to a second bull run for this class of digital assets. As the cryptocurrency market is about to enter a bull market driven by spot Bitcoin ETFs and the upcoming Bitcoin Halving event, analysts believe the NFT industry may take some cues from this run and use them to its benefit. This blog post discusses why nft marketplace app development would be a prudent business decision to make at this time.
The Unexpected NFT Market Boom
Market research indicates that NFT sales volumes have increased dramatically on two of the top NFT blockchains: Solana and Ethereum. This abrupt rise contrasts sharply with a more muted trend that has been observed in the larger NFT market for several months; the mainstream media has even gone so far as to say that “NFTs have finally become worthless.”
- Recently, Ethereum’s daily trade volumes have exceeded $40 million, or $42.8 million, to be exact. Blur, an NFT marketplace-cum-aggregator, accounted for 82% of the volume in the sector and drove a 65% increase in sales of the Pudgy Penguins NFT collection in only one week.
- With 141,120 transactions recorded on-chain in a single day, Solana’s daily NFT transaction volume increased by about 93%. With 75.74% and 18.85% of the total transactions, Tensor and Magic Eden have been the main contributors to the volume of transactions.
- These blockchains have been waiting a long time to make a comeback; after seven months, Ethereum saw such a spike, and after only one month, Solana. Even other blockchains in the circuit could see a noticeable spike in their NFT markets in the upcoming months if the experts’ forecasts come to pass.
What Can We Learn From the Recent NFT Market Surge?
There are several things to consider in light of the recent sharp rise in the NFT industry. Gaining important insights can help the NFT sector gain prominence in the digital economy. All sizes of NFT enterprises can gain a great deal by implementing some prearranged tactics.
- Contrary to what some major media outlets claim, NFTs are still relevant today. Despite its volatility, the market can completely rethink economics in the digital age. In the past year, several international brands have incorporated NFTs into their operations, providing a bright spot in an otherwise drab sector.
- Given that both blockchains offer unique benefits, Ethereum and Solana may face intense rivalry in the NFT market. Ethereum’s strength is its lengthy history in the market and its security features, but Solana has amazed everyone with its lightning-fast and affordable transactions.
- As Ordinal inscriptions develop, experts see a bright future for NFTs inside the Bitcoin ecosystem. Additionally, it is anticipated that in the future, networks like Cardano, Avalanche, and Polygon will present fantastic opportunities for enterprises. All things considered, the upcoming bullish period is predicted to see a revolutionary outbreak in the NFT industry.
Useful NFT Development Business Models for the Present Market
Now is the ideal moment to start operating a firm based on NFT development if you intend to do so in the current market. While NFTs get ready for a positive upheaval, there are several popular models that can be used for business at the moment. NFTs have a wide range of applications, so business enthusiasts have a lot of options to select from.
- Introducing a new NFT or a group of them can be a clear business opportunity to take advantage of. The market is placing a lot of emphasis on assisting companies with worthwhile objectives, therefore issuing NFTs that serve as entrance points to a larger ecosystem can be a wise move for companies.
- Managing an NFT marketplace business can be beneficial as well, since the model ensures that you will be exposed to a larger group of market players, such as professional traders, fans, collectors, celebrities, and producers. You can optimize your business potential by collaborating with an expert NFT marketplace development services supplier.
- Another viable business option is to create an NFT game using the play-to-earn (P2E) or move-to-earn (M2E) concepts. Predictions point to a rise in NFT-based gaming, mostly because of their attraction to a wider audience. Differentiating your business from the competition can be achieved by offering unparalleled user experiences and gameplay methods.
What Effect Will the NFT Market Crash Have on the Entire Crypto Space?
As we’ve already seen, the recent spike in the NFT market has the potential to significantly expand the cryptocurrency market. Recall the damage NFTs caused to the cryptocurrency market in the previous bull run. As the cryptocurrency market is ready for yet another promising season, market analysts predict that the same pattern will repeat itself this time around.
- Because NFTs are frequently exchanged for different cryptocurrencies, there will be a greater market circulation of cryptocurrency, creating a thriving ecosystem. These circumstances typically lead to an increase in cryptocurrency prices, which is regarded as positive for the market.
- The increasing popularity of NFTs may also cause them to become more prevalent as collateral in the decentralized finance (DeFi) space, as more individuals may visit lending services to borrow cryptocurrencies. The DeFi space will undoubtedly benefit from such effort, and the larger ecosystem may develop as a result.
- Other NFT-based business models, such as launchpads, aggregators, social networks, and metaverses, which are fighting for the right moment to receive the attention they merit, may also profit from the NFT market’s explosion. Even though the majority of these gained popularity during the previous bull market, none of them were able to withstand the test of time and had to wait for the NFT market to soar.
Conclusion
We have now thoroughly examined how the recent NFT market upsurge can contribute to the revival of NFT-based business models. Now might be the perfect opportunity for eager business owners to step up their game, as market indicators are pointing to a bullish season for NFTs. Let’s say that you fall into this category and are searching for the best supplier of NFT marketplace development services, or any other NFT-based business model. If so, our staff can offer you full support in creating your new company at the highest caliber. Send us an email with your needs, and one of our specialists will get in touch with you to discuss the next steps.