Beeple, Single-Handedly Started The 2021 NFT Bullrun – Can He Save NFTs Again?

Updated: 12 June 2024

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The crypto and memecoin bull market has finally faded, with all fingers now pointing to the non-fungible token market. In this article, we shall access on possibilities and catalysts required for the non-fungible token market to retest another bull run before the end of this year.

Will NFTs Retest Bull Run In 2024?

Michael Joseph Winkelmann, known professionally as Beeple, is a man of interest in the article as he was seen as the man behind the famous 2021 NFT Bull Run. Beeple is an American digital artist, graphic designer, and animator known for selling non-fungible token collections.

Beeple uses various media in his art to create comical, phantasmagoric artworks that make political and social commentary while using pop culture figures as references. Beeple has been creating art every single day since 2007. He has a huge following on X, formerly Twitter, nearing 800,000.

Beeple is believed to have single-handedly started the 2021 NFT bull run. In a June 11 blog post, Pix, a non-fungible token researcher, has tabled a special report linking Beeple as the man behind the 2021 NFT bull run. How did Beeple fuel the 2021 bull run, and can he save them again?

This is Beeple

He single-handedly started the 2021 NFT bullrun

Here's his story (and why he could save NFTs):

1/10 pic.twitter.com/wtbO7Moh8J

— Pix🔎 (@PixSorcerer) June 11, 2024

Mike Winkelman got his first crypto assets in 2018, holding some Ethereum and Bitcoin (BTC). But, for three years, he stayed a passive investor. In 2020, Beeple first learned about NFTs and quickly became one of the top-selling artists of NFTs. At the time, NFTs selling for $1 were soon reselling for $150,000 and $300,000.

The NFT bull market started when Beeple sold his Everydays: The First 5000 Days NFT collection for $69.3 million, attracting massive businesses, companies and institutions to the market. This gigantic NFT sale hit every major news outlet and served as the catalyst that started the great NFT bull of 2021.

But Can This Happen Again?

In 2021, before the United States general Election, Beeple sold another NFT collection for $6.6 million. In 2024, the United States residents are heading for another election. With election hype fueled by a crypto enthusiast, Donald Trump, and a more mature market, Beeple’s NFT artwork could resell for millions. This could set the stage for a new piece to break the $100 million mark.

Moreover, improving the usefulness of non-fungible tokens is a prominent forecast for the next NFT bull market. Earlier this year, Zion Market Research projected the non-fungible token market size to reach $217.07 billion by the end of 2032, growing at an annual growth rate of around 22.05% from 2024 to 2032.