Elon Musk’s NFT rocket launch. What has he done to Milady?
The world of non-fungible tokens (NFTs) has been a rollercoaster ride recently, with many wondering if it’s a near-death experience or a beacon of hope for the future. However, this week brought a glimmer of hope as NFTs had their best single day of sales since mid-March.
There are several factors that may have contributed to this surge in NFT sales. One possible reason is the liquidity freshly in traders’ hands from Blur’s new Blend lending protocol. Additionally, the recent gains from trading meme coins such as $PEPE and $TURBO may have trickled back to NFTs. Moreover, the recent positive news from established NFT projects and hot technologies, coupled with a well-timed tweet from Elon Musk, former CEO of Twitter, have also helped to boost the NFT market.
Musk’s tweet from the Milady Maker’s NFT community has been viewed over 32 million times, causing a surge in sales of Milady NFTs, which in turn carried the rest of the market to a height of US$217 million in sales volume this week. Furthermore, Binance’s integration of Bitcoin NFTs into their marketplace has given Ordinals a new way to reach the masses, without needing to be a technical wizard to trade them. NFTs on the original blockchain have also been red hot, with a new flavor of Ordinal called BRC-20s picking up momentum.
Despite the positive news, the Forkast 500 NFT Index reflects the NFT market losing over 8% this week, largely due to high gas fees and the continued effect of the NFT casino. Traders still trade the way we’ve come to expect, with established projects continuing to lose value and volume, as traders favor the newest drops and the hottest trends.
In the midst of this bear market, the Pudgy Penguins project had two announcements that added to their feel-good story. First, they announced a new partnership with WME talent agency, bringing them closer to movies, games, and other mainstream entertainment. Then, they followed that up with an announcement that they had raised US$9 million in seed funding. Although the Pudgy Penguins’ NFT sales may not have had much of an impact on the market, the positive news was a welcomed bright spot that reminded everyone that there is real growth happening in the NFT space.
Overall, the recent surge in NFT sales and positive developments in the space provide a glimmer of hope for the future of NFTs. However, it remains to be seen if this surge is just a temporary blip or a sustainable trend.