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NFTs Keep Performing Well While Bitcoin Has Difficulty

Posted by
Hristina Yordanova

Top marketplaces see an increase in users

NFTs are booming. Axie Infinity, OpenSea, and several other marketplaces are attracting increasingly more unique active wallets, while Bitcoin struggles to keep a price above $33,000. According to DappRadar data, all of the top five NFT marketplaces have attracted more traders in the past seven days. 

Axie Infinity saw a boost of more than 50%, and the volume going through the marketplace increased by more than 83%. NBA Top Shot, which currently ranks fourth overall, saw close to 50% more users, and its volume was bumped up to a little over $5 million. 

OpenSea, CryptoPunks, and Rarible also saw an influx of new traders. However, the increases there were revolving around 15%. 

In comparison, Bitcoin, the cryptocurrency that started everything, is struggling to settle a little above the $30,000 mark. There have been no significant changes in the valuation for a single Bitcoin in the past seven days. According to CoinMarketCap, the price hovered between $34,000 and $31,000 with a somewhat pronounced downward trend. 

NFTs

Ever since the big crash Bitcoin saw towards the middle of May this year, the cryptocurrency has been struggling to reach its former glorious valuations.

How come NFTs are still going strong?

NFTs, especially collections like Axie Infinity and CryptoPunks, rely on a very different factor of interest from users. Bitcoin can be regarded as a more traditional type of investment, more similar to investing in stocks, for example. On the other hand, NFTs have significantly more added value. 

NFT marketplaces are experiencing significant increases in traffic as new collections drop, and interest in already existing ones does not falter. In addition, celebrity endorsements and collection launches bring NFTs into the mainstream. One recent example of how new NFT collections boost the activity on marketplaces are Cool Cats. After Mike Tyson put up a Cool Cats NFT as his Twitter profile page, the collection skyrocketed. It even made it to the top five of the highest-grossing collections in the past week. 

Such events undeniably boost activity on marketplaces. Not only that, the fast-paced world of NFTs keeps collectors’ attention. Just like with Bitcoin, NFTs are a great source of FOMO in the crypto space. This is why activity on NFT marketplaces is continuing to grow. 

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