A widely followed crypto analyst believes that one digital asset sector is going to have a massive revival this market cycle.
Pseudonymous crypto trader Kaleo tells his 643,400 followers on the social media platform X that a bullish resurgence is likely for non-fungible tokens (NFTs).
“I’m one of the crazy people that still believe NFTs will have another major run this cycle. Think back to late summer/early fall of 2020 at the beginning of the last bull market. NFTs were irrelevant. Punks hadn’t done anything significant yet. Finding the next DeFi (decentralized finance) play was the only thing anyone cared about.
It wasn’t until well after Bitcoin was in price discovery that you started to see things like Top Shot take off. Eventually, that led to the mint meta which onboarded an entire new wave of participants into the crypto market. Art appreciators will inevitably return. Just need a small catalyst and eventually the rest will take care of itself.”
The analyst also refutes the argument that the popularity of memecoins could keep the NFT market depressed.
“To anyone saying that NFTs won’t take off because of the popularity of memes, I say you’re crazy. If anything the popularity of memes shows how willing people are to speculate on degen (degenerate) art. Also, before NFTs really took off in early 2021, PancakeSwap was where people spent time in the trenches. What was traded on PancakeSwap? Memes.”