Raoul Pal, Real Vision CEO and well-known macro investor, specific NFTs could see a strong resurgence if Ethereum (ETH) builds momentum towards establishing a new all-time high (ATH). In a post on X, Pal pointed to key NFT collections that could see strong upside if ETH reaches new peaks.
NFTs to Benefit From Ethereum’s Momentum
Pal stated that he is “forming a view” that a renewed Ethereum bull market will lift NFT assets tied closely to its ecosystem. Among those he named were CryptoPunks and Bored Ape Yacht Club (BAYC), citing their prominence and cultural status.
Related: Adidas Launches Exclusive NFT Collection for Xociety Game on Sui Blockchain
He also mentioned Meebits and CryptoDickbutts, describing them as “cheap OG assets” with upside potential if overall market sentiment for NFTs improves. Pal believes such an NFT rally would be driven not only by Ethereum’s rising value but also by a shift in investor focus back to these well-known collections.
Notably, Ethereum is trading at 2,499, a 3.7% loss in the past day. However, the token has been on an impressive run in the past month, following a 56% surge. Meanwhile, its price is still 49% low from its $4,891% all-time high on November 10, 2021. However, analysts like Virtual Bacon expect the token to reach $10,000 this bull cycle.
CryptoPunks, BAYC Still Dominate the Market
The latest figures from CoinGecko show that CryptoPunks remains the most dominant NFT collection in terms of market cap. With a floor price of 46.59 ETH, approximately $115,900, it commands 57% of the top NFT dominance index. Though unchanged in the past 24 hours, its floor price rose 3.9% over the week.
Bored Ape Yacht Club holds second place with a floor of 12.74 ETH, translating to around $31,700. BAYC gained 1.1% in 24 hours but is still down 6% on the week. Pudgy Penguins ranks third in dominance, priced at 9.93 ETH, though it saw a 3.2% dip in the past day.
NFT Market Under Pressure Despite Select Gains
Despite Pal’s optimism, the NFT market has struggled in the short term. The total NFT market cap dropped 5% over the last 24 hours to $4.46 billion, and sales volume declined by 10.7%, falling to $5.66 million.
Related: Hot Wheels NFT Collection Paused: Mattel’s Next Move in a Struggling NFT Market
However, some collections bucked the trend. The Sandbox LANDs surged over 42,000% in floor price, while Chrome Squiggle by Snowfro jumped nearly 24% in 24 hours. These moves suggest pockets of investor interest even amid broader weakness.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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