As we navigate the landscape of digital assets, the question looms large: Are NFTs dead?

The fervor that once engulfed the NFT market has certainly dimmed since the euphoric days of 2021, often compared to tulip mania. However, rather than writing an epitaph for NFTs, we should consider a transformative future shaped by evolving perceptions and real-world utility.

The Loyalty of Web3 Audience

The first challenge that non-fungible tokens (NFTs) face is the inconsistency of the Web3 community. This community is very responsive to market conditions and quickly jumps from one trend to another and changes its loyalty overnight.

The market was cruel for NFTs, indicating that many enthusiasts came to participate in temporary hype rather than for long-term value. As the hype faded, interest waned, leading to disgruntled investors and deserted businesses. When the reality set in, a number of the Web3 aficionados went shopping for bigger fish, and NFTs soon became out of favor, exposing the market’s appetite for bubble factors instead of fundamentals.

Web2’s Shift: Brands and Normies Depart

Simultaneously, the Web2 audience—once eager to explore blockchain and NFTs—has also moved on. Initially brands that adopted NFTs for promotion purposes have now lost interest in NFT amidst falling prices and the new narrative gaining the center stage.

The discussions about NFTs, primed before, remain dormant and have no elasticity to gain mainstream media attention. For the average consumer, NFTs are just a faded trend, just as the overemphasis on new technologies.

The Future Ahead?

So, what does this portend for the future of NFTs? In Web2, it is obvious that digital art is the new order, and NFTs are still necessary as a medium for auctioning and distributing this art.

Nevertheless, this is probably unlikely to start the next bull market. It is true that profile picture projects (PFP) will always amuse a select few, but they, too, are unlikely to trigger a mass market revival. Bull markets thrive on innovation, where originality intersects with scarcity, driving demand beyond supply.

The burning question is: what could give rise to this newness?

NFTs as the Core Infrastructure

Rather than a relic of a bygone era, NFTs hold the potential to be vital components of blockchain infrastructure. They can enhance identity protocols, facilitate social finance, enrich gaming experiences, and tokenize real-world assets.

When viewed through this lens, NFTs are as fundamental to blockchain as the ERC-20 standard is to decentralized finance(DeFi).

Imagine the scenarios: Instead of real estate parcels having only one owner, anyone can own a fraction of the property. This means that a house deed can be put on sale, and people can buy the NFT and trade it permissionless, making real estate transactions simpler.

Alternatively, NFT-backed real estate investments could allow investors to easily buy into real estate projects without owning the actual property. Fractional ownership might even allow groups to purchase vacation homes or shared assets, like a pair of skis, easily.

Moreover, NFTs are set to redefine community relationships through membership access, perks, and value exchange. A myriad of applications will emerge, such as health records management, credit history management, and embedding NFTs into everyday life.

Conclusion: Transformation is the Key to Success

While the NFT market as we know it may be undergoing a reorientation phase, it is far from dead. Instead of wailing its past, we should focus on the shifts that will redefine our understanding of NFTs. By recognizing their potential beyond digital collectibles, we can pave the way for a future where NFTs become integral to our digital lives—ushering in a new era of innovation and opportunity.

Author: Jana Bertram, Head of Strategy at RARI Foundation

It has been just over two weeks since it became known that the self-proclaimed ‘pro-crypto’ candidate, Donald Trump, will be the next president of the US. The news was received with open arms by crypto investors as prices of all major assets skyrocketed to local or all-time peaks.

Expectedly, bitcoin was and still is at the forefront of gains. The asset stood below $70,000 before the elections, amid reports that this could be the last time it trades at that level, but went on a rampant run in the following weeks. Earlier today, the cryptocurrency tapped $99,500, which meant that its gains since Trump’s elections neared 50%.

Thank You, Bears

The most mentioned reasons behind this spectacular rally involve the US-based spot Bitcoin ETFs. After all, the funds, which were launched in January this year, attracted nearly $5 billion in the first week after the elections. There was a brief hiatus on November 14 and 15, but investors went on an accumulation spree in the past four trading days again.

This time, roughly $2 billion in net flows entered the ETFs, with BlackRock’s IBIT leading the pack. The world’s biggest BTC ETF now has nearly $31 billion in AUM.

While this seems like a prominent reason behind BTC’s price surge to just shy of $100,000, Santiment outlined another possibility. The analytics platform has frequently posted about counter-trades, in which prices tend to go in the opposite direction of the prevailing crowd sentiment. In this case, data shows that nay-sayers and non-believers dominate most social media channels to which Santiment said:

“Crypto markets move in the opposite direction of the majority’s expectations, so thank you fellow bears and non-believers for keeping up this historic run.”

With Bitcoin on the cusp of a six-figure market value for the first time in history (now reaching a new $99K ATH), social media speculation has become rampant. X, Reddit, Telegram, 4Chan, and BitcoinTalk are collectively mentioning $100K BTC price levels at the highest rate in… pic.twitter.com/yotDrwsxmk

— Santiment (@santimentfeed) November 21, 2024

When $100K?

This coveted milestone, which was the reason behind the 2021 laser-eye movement, came so close, yet it is so far. BTC was 0.5% away from tapping that level but has retraced by about a grand since then. This raises the question of when or if the last push will come.

Recent reports suggested that the FOMO levels are still quite low, which is typically an indicator of more potential gains. However, the Fear and Greed index has gone massively in favor of the latter since then, which usually signals an impending correction.

For now, the wait continues.

This week, we examine Ripple, Cardano, Optimism, Solana, and Dogecoin in greater detail.

Ripple (XRP)

XRP just had one of the best months in years, and its price increased by 74% this week alone, bringing it close to $1.5. In the last bull market, XRP reached almost $2 before sellers took over the price action.

The current all-time high is $3.3, which could signal that this cryptocurrency has plenty of room to run. Buyers will have to break above $1.6 and $2 before they can hope to aim for $3 or more.

Looking ahead, XRP’s rally continues to show strength, and its first real test will be around $2. Either way, a significant pullback should be expected later on, considering the price has only been going up for some time now.

Cardano (ADA)

Cardano is inching closer to $1 after closing another fantastic week with a 47% price increase. This has revived the ADA community, which has been patiently waiting for this rally since earlier this year.

The price found good support, around 80 cents, and is challenging the 90 cents resistance at the time of this post. If broken, ADA may rush to $1, which could bring back sellers looking to secure profits.

Looking ahead, buyers have a good chance to continue to dominate in the future, especially because the price has risen higher this week. The current ADA all-time high is at $3.1, which should allow market participants plenty of space to speculate on this coin.

Optimism broke above $2, which was a key resistance, and the price is up by 34% this week. This strong performance is a major signal to the market that OP is ready for higher levels after it just left its long consolidation since June 2024.

With good support at $2, this cryptocurrency can now aim higher, with key targets at $2.5 and $3. If the rally continues at this intensity, those levels could be hit by next week.

Looking ahead, ETH Layer-2 networks like Optimism are performing because Ethereum has awakened this week. As long as Ethereum performs, OP should also do well.

Solana (SOL)

Solana just made an all-time high this week at $264 and has returned to price levels not seen since 2021. It also increased by 22%, which makes it the strongest performer in the top 10 after XRP and ADA.

At the time of this post, the price entered a pullback after its new record, with sellers possibly taking some profits at these historic levels. Once this subsides, SOL could enter price discovery similar to Bitcoin.

Looking ahead, Solana has good support at $240 should the selling intensify. However, this uptrend is expected to resume, and this cryptocurrency will make new price records in the weeks to come. A key target right now would be $300.

Dogecoin (DOGE)

Dogecoin appears to be preparing its next major move and closed the week with a 6% price increase. This meme coin has been consolidating under 40 cents, which currently acts as key resistance. Once broken and turned into support, DOGE can aim for much higher levels.

If the resistance is broken, the next key targets on the chart will be 48 and 59 cents. Momentum continues to favor buyers, and a breakout could happen at any moment.

Looking ahead, DOGE could aim to hit its all-time high at 74 cents, which is not so far away considering the price has tripled in November.