Numerous popular NFT collections have experienced double-digit percentage gains over the past month, notably Cryptopunks, which saw increased demand after Yuga Labs co-founder Wylie Aronow spent $1.1 million on a rare Cryptopunk.
The NFT community has demonstrated resilience, notably in response to a recent episode of The Simpsons that satirized NFTs. While this rebound is reassuring for NFT holders, it’s crucial to recognize that much of the heightened activity is attributed to airdrop farmers rather than a substantial influx of new buyers.
Blur Airdrop Boost
Blur, a prominent NFT marketplace, has played a role in this resurgence by conducting an airdrop campaign scheduled to conclude on November 20. The campaign involves the distribution of BLUR tokens to active traders and lenders. Over the past month, BLUR’s price has more than doubled, attracting a return of many airdrop farmers who had initially paused their participation. This is evident in the increased daily users on Blur, while OpenSea users have remained relatively stable.
Despite the uptick in activity, the total number of NFT traders remains close to all-time lows, even with a slight increase over the past month. Observers note that the majority of buyers are familiar faces in the NFT space, suggesting limited entry of new participants. “Same ole folks buying NFTs but not many new entrants,” observed NFTstats.eth.
While it remains uncertain whether this recent surge in NFT activity signifies a temporary rebound or the onset of a new bull market, the broader crypto rally may have contributed to the renewed interest. Prominent collector Bharat Krymo highlighted the correlation, stating, “When people in traditional money or crypto ‘feel’ rich, they go after culture…NFTs (art & PFPs) are the essence of crypto culture.”
