Encouraging signals emerged from the non-fungible token [NFT] market recently, raising hopes that the once-famous Web3 vertical would mimic cryptos’ growth trajectory and usher in a bull market. A possible explanation behind the spike in interest were the gains being realized with each transaction. NFT traders walked away with $14.19 million in profits over the past month, the highest since May 2022. The prospect of such gains prompted many traders to invest their capital in the NFT market. The uptick in trading activity came as a ray of sunshine after a long and bitter NFT winter. As can be seen, NFT sales have been declining since hitting a high of $1.2 billion in February.
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