NFTs 'Not Dead', Says Pow's Gem Calls Crypto Signals Group As Alex Becker's Neo Tokyo Citizens Collection Explodes

NFTs ‘Not Dead’, Says Pow’s Gem Calls Crypto Signals Group As Alex Becker’s Neo Tokyo Citizens Collection Explodes

Updated: 25 November 2023

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The non-fungible token market has finally come back to life after suffering a brutal comedown, which left the majority of NFTs nearly worthless, in the past several months. Pow’s Gem Calls Crypto Signal Group is one of the crypto market aggregators to attest to the comeback of NFTs.

Source: Telegram.

NFTs ‘Not Dead,’ Says Pow’s Gem Calls

Over the last couple of years, the non-fungible token market has been booming, with many NFTs selling for millions of dollars. Some of the top most expensive NFT collections during the late 2021 and earlier 2022 bull run, include, Pak’s ‘The Merge’, which sold for $91.8 million, and Everydays: the First 5000 Days, which sold for nearly $70 million.

The non-fungible token market began developing market cracks sometime in mid-June last year, becoming notable when many NFT collections started losing the marker floor price value. During the short crash, top NFT celebrities like Justin Bieber, Madonna, Michael Jordan, and Stephen Curry, saw their assets contracting by millions of dollars.

In simpler terms, the NFT market crash affected nearly all NFT floor prices across marketplaces in the decentralized space. At the time, the floor prices for blue-chip NFTs like Bored Ape Yacht Club, Mutant Ape Yacht Club, and Azuki, plummeted significantly, and their trading volumes started declining.

In November, the non-fungible token market suffered another big blow following the collapse of the crypto exchange FTX, which suffered a liquidity crisis. At the time, the FTX market implosion left the majority of NFT floor prices plummeting another more than 30%.

Earlier this year, the non-fungible token market showcased strong market resilience, retesting a short price rally. Bitcoin Ordinals, the NFT collections inscribed using Satoshi Ordinal theory on the Bitcoin network, led the short market rally, gaining massive traction among collectors.

The NFT market again began plummeting its trading sales volume in June, shortly after Bitcoin Ordinals lost their initial hype. During this time, blue chip NFTs like Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, and more lost more than 70% of their floor price value.

In September, DappGambl, an on-chain analytic firm, claimed that 95% of the NFTs, were nearly worthless. The analytic firm revealed that 69,795 out of the 73,257 NFT collections had seen their market cap dropping to nearly zero Ether. This shocking statistic meant that 95% of people holding NFT collections currently hold worthless investments.

The NFT market is back in action after experiencing an extended market down in the past several months. In recent weeks, the non-fungible token has been up in nearly every metric, ranging from sales and floor price. Bitcoin Ordinals have also been pumping in sales volume in the past few weeks.

Neo Tokyo Citizen NFT Explodes In Sales Volume

Neo Tokyo Citizen NFT collection is a perfect example, showcasing the strong comeback of the NFT market. Neo Tokyo Citizens is a collection of Ethereum-based NFTs that serve as both a traditional profile picture and a way to enter the community.

Source: nftfloorprice.com, Neo Tokyo Citizen NFT Floor Price

The NFT collection, which features composite avatars made up of component NFTs identity, item cache, and land deed, was created by Alex Becker and Elliot Wainman sometime in 2021. This NFT collection serves the purpose of generating digital representations of tangible items such as artwork, music, and individuals.

In recent days, Neo Tokyo Citizen has seen its trading sales volume surging nearly 90% to 893 ETH or over $1.8 million. From earlier this month, its floor price has risen two times, rising from around 8 ETH to 18 ETH. Neo Tokyo Citizen’s recent performance attests the NFT market is not dead.