After a prolonged slump, NFTs are red hot again. This, despite a seemingly neverending crypto market slump. Why are NFTs pumping while the rest of the crypto world dumps? What do HAPE NFTs have to do with it? Covered: Non-Fungible Pumping HAPE NFTs: Won’t Stop/Can’t Stop Non-Fungible Pumping A lot of people keep hoping NFTs […] The post NFTs Are On Fire Again; Thanks To Hape NFTs? appeared first on CryptosRus.

NFTs Are On Fire Again; Thanks To Hape NFTs?

After a prolonged slump, NFTs are red hot again. This, despite a seemingly neverending crypto market slump. Why are NFTs pumping while the rest of the crypto world dumps? What do HAPE NFTs have to do with it?

Covered:

  • Non-Fungible Pumping
  • HAPE NFTs: Won’t Stop/Can’t Stop

Non-Fungible Pumping

A lot of people keep hoping NFTs will just go away, but the latest uptick in the non-fungible world is making that seem less and less likely.

OpenSea 30-day activity Courtesy of Dapp Radar.

As we can see from the chart above, OpenSea has had a great 30 days. Users, volume, and transactions are all up from where they were last month. OpenSea strength is a great indicator of overall NFT health, considering that its by far the biggest NFT marketplace around.

Most impressively, user rates are barely down from the January 9th high of 150k. Volume and transactions have dipped a bit the last few days, however, the fact that users are still using the platform is a good sign that interest in future purchases is still there.

The recent uptick for NFTs is even more impressive when compared to what’s going on the cryptosphere.

Monthly global market cap chart. Care of CoinMarketCap.com

As you can see, the last 30 days haven’t been too kind to the crypto market. We’ve seen a fairly steady decline since December 27th of 2021. Many have pointed to macroeconomic factors for the decline in market cap. NFTs, however, haven’t been hit by the same larger market concerns.

Does that mean NFTs have untethered from traditional finance in the way we’ve been promised crypto would? That doesn’t seem to be the case, sadly.

The NFT space struggled alongside the market back at the end of November of 2021. Not to mention, the NFT market fell back in May thanks to Alongate. So the hope of of NFTs becoming the go to inflation asset isn’t driving the recent uptick.

So what is?

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HAPE NFTs: Won’t Stop/Can’t Stop

If you aren’t a part of the NFT world you probably haven’t heard of HAPE NFTs. But if you are in the NFT world you definitely know all about this much-hyped project.

Why are the HAPES so hyped? As our NFT guy Cryptony pointed out, HAPES are a part of the latest trend in NFTs: 3D-styled art. Essentially, the pixelated charm of CryptoPunks have been replaced by an arms race. Project after project is now upping the ante in terms of “quality.” However, it’s probably not simple, either.

HAPES are also likely benefitting from some serious FOMOTNBAYC, A.K.A. Fear Of Missing Out On The Next Bored Ape Yacht Club. HAPES aren’t the first to ape the ape aesthetic, so it’s unfair to dismiss it as a ripoff. Something about it is clearly making it stand out from all the other ripoffs. Is it the 3D-styled art? Or, a case of right place, right time cycle-wise?

In reality, there is no clear answer for why NFTs are trending up lately. But, one thing that’s clear — thanks to NFT spaces’ now third renaissance — is NFTs are here to stay. Like it or not.

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