Can NFT markets return to 2021 highs?

For those who owned an nft in 2021, it felt like the sky was the limit, markets were sailing at cyber speed and business was booming. Starting with a variety of celebrity endorsements from Tom Brady, Kim Kardashian and Snoop Dogg, the industry was heading into uncharted territory. Some of the most notable nft projects earned seven-figure profit margins for some early investors. But after a sharp depreciation in the overall cryptocurrency market, associated novelties such as NFTs experienced a complete bloodbath.

TL;DR:

• nft Bearish and Booming Market 2021: 2021 witnessed an explosion of NFTs with celebrity endorsements and massive profits; The market crashed due to the depreciation of cryptocurrencies.
• crypto casinos shine in 2021: Amid the rise of cryptocurrencies, crypto casinos demonstrated the convenience of blockchain and stole the narrative until 2023.
• nft in a bear market: nft projects struggle to replicate 2021 momentum; MAYC collection highlights, potential catalysts and uncertain future.

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2021 – The golden era of NFTs!

Although many people within cryptocurrencies stated that they expected to see a bull run, and many announced it in late 2019 and 2020, there were few, if any, who managed to predict how colossal it would be. Many cryptocurrency projects rose by multiples of 10 or 20. Projects like Dogecoin rose more than 10,000% and a series of bullish news emerged from all corners of the world. From legal currency in El Salvador to trusted and reputable cryptocurrency casinos that have helped attract new customers to traditional casino games, 2021 was a watershed year for digital assets.

The markets were booming, as were cryptocurrency casino projects. These were providing many apprehensive naysayers with clear and irrefutable proof that blockchain was not only here to stay but was also more convenient.

It is also a strong sign that, despite the horrendous decline in some of the prominent cryptocurrency projects, crypto casinos have stolen the narrative in the first half of 2023. More people continue to embrace the idea of ​​​​using bitcoin to gamble in their slots. roulette or blackjack games.

Advancements, security and convenience have highlighted the potential in the crypto casino sector. bitcoin-casino/bitcoin-slots/”>bitcoin slots They work identically to traditional casinos. However, the fundamental difference is that you only need to send your assets from your wallet to the provider’s wallet. crypto casinos could thrive in the next bull run like NFTs did in 2021.

But the real question is, Can NFTs themselves return to the dizzying heights they reached a couple of years ago?

Promising nft projects on the current market

It is difficult for nft projects to gain momentum like they did in the 2021 bull run. In a bear market, making money is complex and many traders and investors see this time as a period of accumulation or investment in low-priced nft products. One of the most notable projects that caused a stir during lockdown was the Mutant Ape Yacht Club (MAYC) Collection.

At one point, the minimum price for them reached 32 ethereum. Unfortunately, some of the holders have been targeted by cybercriminals and have seen their NFTs disappear from their wallets. It’s a sad story, but it shows how valuable these NFTs are, even during a market downturn.

Many analysts have said that MAYC could see a resurgence if the bull market returns. But sometimes, new projects can emerge quickly. That’s why it’s a good idea to keep an open mind and identify projects with a forward-thinking development team, a highly visible social media presence, and a strong, engaged online community.

Possible catalysts for positive price action

Even with big news on the horizon, such as a possible Blackrock ETF or the bitcoin halving, which has traditionally resulted in a pump shortly after, broader global conditions are causing many investors concern. Despite the unusual social change of 2021, the overall market was recovering. On a global level there was nothing like the same inflation levels, cost of living crises and other current geopolitical issues. If a bull run occurs, NFTs will see some rebound, but it is difficult to determine if they will return to 2021 levels.

Weighing the potential of a return to a market where some NFTs sold for nearly $100 million might be hard to imagine in the bleakness of the current market. Jack Dorsey’s first tweet, when it was coined as an nft, technology/2022/apr/14/twitter-nft-jack-dorsey-sina-estavi”>sold for almost 3 million dollars; It’s now on the market for $2,000.

This should quantify exactly how dark things are right now for NFTs.

Final thoughts

NFTs will always have use cases and are a flexible product that helps investors understand how cryptocurrency markets work. They’re not in danger of disappearing completely, but it seems very unlikely at this point that we’ll ever see tweets selling for millions of dollars again. However, in the world of cryptocurrencies, those who have been in the world long enough know that it would be foolish to rule anything out.

Firstly, we would need to see a return to the bull market. The positive price action, particularly bitcoin surpassing $40,000, is a start. Once bitcoin lays the foundation for a more positive outlook in the market, associated sectors such as the nft industry could have a better medium to long-term path to reaching those dizzying heights again.

Times can change quickly, as can attitudes within the cryptocurrency space. If enough money is invested in the sector and the SEC approves a BlackRock ETF, the cost of several projects will skyrocket. In case of another bull run, we cannot rule out anything; The real question is how much retail investment is there to drive the price up.