NFTs have started climbing the value ladder again due to the continued rise in Bitcoin, Ether

The market for non-fungible tokens (NFTs) now seems to be reviving as the crypto market is on the rise. With the rise in value of cryptocurrencies like Bitcoin, Ether, Solana, and Polygon, a bunch of NFT series tied to these altcoins have started climbing the price tracker. NFTs are digital collectibles that are created to be supported on a blockchain network. NFTs can be inspired by a range of people, places or characters – from game characters and cartoons to artists and artworks.

Pudgy Penguin is a crypto project that is now gaining more value after seeing a downturn in the past recent months. Built on the Ethereum blockchain, the NFT series is a collection of 8,888 NFTs that resemble cartoon versions of penguins. In their week alone, the trading volume of these NFTs has increased by 394 percent, a Decrypt report said, citing data from CryptoSlam tracker.

After trading low in recent months, Pudgy Penguin NFT prices have surged by 74 percent. Currently, the cheapest Pudgy Penguin NFT is priced at $21,289 (approximately Rs 17.7 lakh). Around October, the cheapest NFT was priced at $9,000 (roughly Rs. 7.50 lakh) worth of ETH.

The report notes that anime-inspired NFT series Azuki, Ethereum NFT project Milady Maker, as well as Solana projects Kleanosource and Chad have seen prices surge in recent weeks.

This surge in NFT pricing comes as a refreshing change of pace from September this year, when a report It was claimed that 18 percent of the top 8,850 NFT collectibles by market cap were worthless, and 41 percent saw prices drop from about $5 (roughly Rs. 415) to $10 (roughly Rs. 835).

It is notable that against the backdrop of these NFT revival, Bitcoin and Ether are trading at their respective nineteen-month highs. While BTC is trading at $41,738 (approximately Rs 34.8 lakh), ETH is priced at around $2,228 (approximately Rs 1.85 lakh). Similarly, Solana and Polygon are also launching NFT projects tied to the price ladder that are seeing more gains than declines.

NFTs peaked in September 2021 when sales of these digital collectibles managed to reach approximately $881 million (approximately Rs 7,344 crore). However, as of November this year, the NFT sale only managed to bring in $10.85 million (roughly Rs. 90 crores).

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