Punk apes and a resurrection of NFTs

The NFT market is twitching out of its torpor, defying reports of its demise

Total NFT sales on the ethereum blockchain - which hosts most trading - jumped to $780.2 million in January from $546.9 million the month before, according to market tracker CryptoSlam.

“We will see another 2021-style run when we are able to really bring on board the next big wave of participants into the space,” said Teng Yan, lead researcher at Delphi Digital, estimating that there are between 30,000 to 50,000 people who are actively trading NFTs right now.Despite the nascent bounce, the future of non-fungible tokens remains shrouded in mystery. Few crypto experts expect a repeat of the 2021 boom anytime soon.

Some market players said the January rise in NFT sales volumes was also fueled by the entrance of a new online marketplace, Blur, which has drawn investor interest since it launched late last year and announced a series of free coin “airdrops” and other rewards.

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