NFT Demise Rumors May Be Far-Fetched, CoinGecko’s Report Shows Interesting Insight
The recent article claiming the demise of non-fungible tokens (NFTs) has created quite a stir in the cryptocurrency community. However, a contrasting report from CoinGecko presents a different perspective on the state of the NFT market.
According to CoinGecko, Nakamigos is the most popular NFT on its platform, with 1,234 users adding it to their watchlists. This indicates that despite the market downturn, there is still significant interest in Nakamigos among investors and holders. Following closely behind is the Bored Ape Yacht Club (BAYC) by Yuga Labs, with 1,076 users keeping an eye on it. CyberKongz and bitmap also have a considerable number of watchlist entries.
Among the NFT collections launched in 2022, Pixelmon has gained significant popularity and sits on 786 user watchlists. CoinGecko’s data reveals that the top 30 most sought-after NFT collections have received the attention of at least 400 users who have added them to their watchlists.
Interestingly, NFT collections introduced in 2021 continue to maintain their appeal, with 12 of them occupying spots in the top 30 rankings on CoinGecko. This indicates that these NFTs have managed to remain relevant and demonstrate resilience in terms of their reputation and community support.
Furthermore, NFT collections launched during the bear market also have a notable presence in the popularity rankings. As of now, 2023 NFTs hold nine positions within the top 30, surpassing their 2022 counterparts. This suggests that despite the challenges faced by NFT collections in 2022, there is a slightly more optimistic outlook for 2023. However, it remains uncertain whether more 2023 NFT collections will rise in popularity as the year progresses.
In terms of platforms, Ethereum continues to dominate the NFT space. CoinGecko’s report reveals that 24 out of the top 30 most popular collections are Ethereum-based NFTs. This highlights the enduring popularity and preference for Ethereum when it comes to NFTs.
While there have been reports claiming that the majority of NFTs are worthless, CoinGecko’s findings paint a different picture. The popularity of certain NFT collections and the continued dominance of Ethereum NFTs suggest that there is still value and interest in the NFT market, despite the market downturn.
It is important to note that the cryptocurrency market is highly volatile, and the popularity of NFTs can change rapidly. However, the data provided by CoinGecko provides insights into the current state of the NFT market and challenges the notion that NFTs are on the decline.
