Two years ago, the non-fungible token market saw exponential growth, gaining traction among institutions, investors, and businesses more than ever before, the move that left most NFT projects flourishing to new all-time market highs.
Unfortunately, the non-fungible token market has suffered a brutal comedown in the past several months, leaving most NFT projects in massive losses. The NFT market downtrend started sometime in June last year and has since extended to earlier this year.
But interestingly, in recent weeks, the general crypto has been projected to retest hype by various industry experts. Earlier last week, Geoff Kendrick, a renowned analyst at Standard Chartered, predicted that the flagship crypto “Bitcoin” will hit $100 by 2024. Below will look in-depth at how the next bull run will start.
How The Next NFT Bull Run Will Start
In a May 1 blog post, Kermit, an on-chain NFT Growth Consultant and the Chief Operating Officer at NFT startup OriginNFTs, has shared a thread explaining how the new non-fungible token market bull run will probably start. Kermit is bullish that NFTs will retest hype before the end of this year.
How the next NFT bull run will start:👇
— Kermit 🐸 (@crypto__kermit) May 1, 2023
The NFT consultant has drawn a short contrast between the present and December 2018, where the NFT market experienced a brief recess. At the time, the NFT floor prices were down, with most investors even thinking the NFT culture was dead.
Today, the NFT market has expanded, and it’s even hard to compare how the NFT market was small in 2018. In that context, if the NFT market didn’t die at the time, it’s likely the larger NFT market will retest another bull run.
It’s worth noting that NFTs are cyclical in nature, and they are rapidly evolving. Nonetheless, the NFT bull market in the future will look quite different from what we see today, just as 2018 seemed so different from 2022.
Factors Defining The Next NFT Bull Run:
In recent years, content has been slowly shifting. Rather than targeting small niched audiences, brands now target mainstream audiences, aiming for millions instead. This shift will likely see big media brands form on platforms like Instagram.
Blue-chip NFT collection Doodles is a recent perfect example, which evolved from being an NFT project and becoming a media brand franchise. Gucci also inked a partnership deal with Yuga Labs to market fashion products in the Otherside gaming metaverse.
2. Digital Ownership
Many people have begun realizing the true potential behind non-fungible tokens rather than representing real-world assets like art, audio, and profile pictures. In recent weeks, big players like Reddit have begun normalizing digital collectibles with cheap entry levels to the masses. To date, Reddit has onboarded more than 8.4 people into NFTs.
3. NFT Market Maturity
The next NFT bull run will be completely different from previous rallies. Most of the NFT projects launched in the past 1-2 years have started to scale their products. In the next rally, Yuga Labs will become the gaming behemoth, while the Pudgy Penguins NFT collection will have millions of fans.
4. Metaverse And NFT Gaming
Gaming is another vital aspect defining how the next NFT bull run will start and prevail. Currently, NFTs need help finding proper product-market fit as the asset remains speculative in nature. Games will begin pushing out blockchain technology to the millions in the coming weeks.
In a recent short interview with Bloomberg, Daniel Alegre, the new Chief Executive Officer of Yuga Labs, said he seeks to revive NFTs through gaming and events. Alegre believes NFTs will retest hype similar to the 2021 NFT bull run.
Even though the crypto market may fluctuate, the NFT market will soon experience another rise of a new NFT market far richer in culture than previous ones. Launchpad is a new unique platform focused on helping NFT investors to know the next successful projects, like Bored Ape Yacht Club NFTs. The new platform offers insights and analytics essential before choosing an investment portfolio.
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