NFT Prices Are Still Lagging Behind Ether's Gains
Summary
Crypto is moving towards bull-market territory, but NFTs have not benefited from this increased market excitement. Ether, a type of cryptocurrency, is up by 70% this year, but the value of NFTs has dropped according to various indices. NFT marketplace OpenSea's fees and revenue have also significantly decreased since January 2022. The lack of growth is partly due to the fact that NFT prices are usually negatively correlated with the USD price of ether. However, some signs of growth can be seen in utility-based NFTs and the popularization of Bitcoin ordinals. The future NFT recovery will depend on their utility in areas like games, music, and social platforms, and not just speculation and hype.
