Is the NFT Market Likely to Bounce Back Stronger Soon?

NFTs were at the forefront of the last crypto bull market of 2021, with a vast amount of hype around these revolutionary tokens. Crypto enthusiasts were excited about their potential applications and the fact that they have real world value.

Interest in NFTs waned in 2022, and they haven’t bounced back since. However, there are some signs that point towards a revival. With the current bull market gathering steam, NFTs could be back in the mainstream in 2025.

NFTs Cracked the Mainstream in 2021

Developments in the crypto industry have always had the power to generate a lot of buzz, but NFTs arguably created the greatest hype witnessed to date. Indeed, they got mainstream attention in some of the internet’s most booming sectors, including online casinos.

One of the top casino games to come out during the last bull market was NFT Megaways, which combines retro and modern themes to attract players. It’s still one of the most-played titles in today’s slots market, suggesting that the concept of NFTs still appeals to a lot of people who play in the online casino industry.

NFTs were also helped by the sheer number of well-known figures getting behind them. Major names were either buying up NFTs and making them famous or releasing their own NFT lines. The Bored Ape Yacht Club was one of the best known NFT collections, and it was promoted by iconic soccer players like John Terry.

Signs Point to a Revival

One of the main problems with the NFT market was the fact that it became oversaturated, with many developers seeing it as a potential cash grab. Various NFTs were released and pumped before the price dumped massively and left investors with heavy losses.

Experts are suggesting that the bottom has passed for NFTs, though, and there are signs that point towards a revival. It seems that the speculative NFT market has ended, with many of the cash grab schemes now flushed out. Indeed, there’s been a shift back towards interest in higher value NFTs, such as original pieces from top artists. One of the biggest sales in recent times was CryptoPunk 5066, which was auctioned for $1.5 million.

Memecoins Are the New Option for Quick Money

In the latest crypto bull market that began in late 2023, NFTs have been replaced by memecoins. Memecoins have been around for years, with Dogecoin considered the original. Now, there are countless options on the market to choose from, with the likes of Pepe and Dogwifhat being a couple of the main names of the latest cycle.

Memecoins don’t serve any purpose other than making their creators rich. They are often promoted widely and boosted through airdrops, before the insiders pump and dump on retail investors. With these coins representing the latest cash grab options in the crypto sphere, it could allow NFTs to shine and fulfil the use that they originally promised.

It’s clear that NFTs have potential, which is why there was so much hype around them originally. As the current crypto bull market gathers pace, they could bounce back bigger and better and make a grand return to the mainstream.