Are NFTs coming back? After the launch of ApeChain that boosted the price of ApeCoin from BAYC, investment flows have started to move towards Axie Infinity, The Sandbox, and new emerging layer-2 blockchains.
The recent crypto winter has had a major impact, especially on NFT owners. Many have seen the value of their digital assets plummet amidst the general opinion that NFTs are dead.
However, new developments such as the launch of ApeChain and the emergence of GameFi platforms have brought a breath of fresh air to previously dead NFT projects. This trend has rekindled the spirit and vitality of the sector.
Throughout this year, NFT volumes have seen a significant recovery. The sharp increase in the past few weeks shows a surge in interest, especially in Bitcoin and Solana-based NFTs.
ApeChain Gives New Boost to BAYC Holders
The recent launch of ApeChain has given BAYC’s NFT performance a major boost . With a new layer-2 focused on NFTs, investors are increasingly confident in the potential collaboration between meme coin culture and non-fungible tokens.
The BAYC NFT floor price soared to 13.5 ETH this week, along with a +112.33% increase in trading volume.
This move also had a significant impact on the price of ApeCoin, which managed to break the long-term downtrend with a +130% increase at the end of last week.
Currently, ApeCoin is trading at $1.41 (change of -9.94% in the last 24 hours), and is experiencing a local retracement with ApeCoin holders defending support at $1.38.
With lower support around $1.25 and the RSI starting to cool down, it is likely that ApeCoin price will rise again in the short term.
Axie Infinity: AI-Based Axie Pals Brings Fresh Breath to This GameFi Project
Last September, NFT-based GameFi project Axie Infinity launched a highly anticipated new feature, Axie Pals, an AI-powered in-game companion.
This feature is designed to improve the user experience in the game, and also have a positive impact on AXS token holders. The launch also helped re-energize the AXS price action.
Currently, AXS is trading at $5.12 (change of -3.16% in the last 24 hours) and is moving in a consolidation range between support at $4 and resistance at $5.7.
The third rejection at $5.7 suggests a possible price drop in the coming weeks. However, with bullish support from the 20DMA, Axie Infinity price has the potential to bounce around $4.75.
The Sandbox Follows in Footsteps Even as Early 2024 Brings Hope for SAND
While there was some positive news early in the year that fueled The Sandbox’s price action—including a $20 million promissory note funding and a 43% increase in NFT minting in Q3 2024—the second half of the year has not been enough to support SAND’s momentum.
Currently, SAND is trading at $0.27 (change of -1.66% in the last 24 hours).
SAND’s price movement mirrors the consolidation pattern seen on Axie Infinity, with the price moving in a range between $0.23 to $0.30.
However, hope remains for SAND in the short term. A return to the 20DMA is expected to trigger a bounce to $0.26. The bullish RSI also signals a possible breakout to the upside.
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