{"id":339650,"date":"2023-08-31T09:00:10","date_gmt":"2023-08-31T03:30:10","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=339650"},"modified":"2024-04-03T10:23:05","modified_gmt":"2024-04-03T04:53:05","slug":"base-is-a-silver-lining-in-a-struggling-nft-market-heres-why","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/base-is-a-silver-lining-in-a-struggling-nft-market-heres-why\/","title":{"rendered":"Base is a silver lining in a struggling NFT market: Here&#8217;s why"},"content":{"rendered":"<ul>\n<li><em>The NFT market showed renewed activity after a period of decline.<\/em><\/li>\n<li><em>Yuga Labs&#8217; Blue-Chip NFTs stood out, while BAYC and MAYC&#8217;s collections also showed strong performances.<\/em><\/li>\n<\/ul>\n<p>Over the past several months, the NFT market experienced a notable decline. However, a fresh surge of enthusiasm has emerged, largely driven by the Base protocol. This newfound interest is injecting vibrancy into the NFT market.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Realistic or not, here&#8217;s <a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\">APE&#8217;s market cap in BTC&#8217;s terms<\/a><\/p>\n<hr \/>\n<h4>Base comes to the rescue<\/h4>\n<p>Data from Parsec Finance revealed a rising trend in Base NFT transactions, particularly notable in the Rainbow World collection, which defied broader NFT market trends. This rise in Base NFTs suggested a potential positive impact on the market.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Base NFTs chartable on parsec<\/p>\n<p>Rainbow World breaking NFT market wide trends <a href=\"https:\/\/t.co\/yUV9RlUyyb\">pic.twitter.com\/yUV9RlUyyb<\/a><\/p>\n<p>&mdash; parsec (@parsec_finance) <a href=\"https:\/\/twitter.com\/parsec_finance\/status\/1696613323872075802?ref_src=twsrc%5Etfw\">August 29, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Conversely, the outlook for PFP NFTs remained somber. PFP NFTs, or profile picture NFTs, witnessed a decline, with the USD market cap of top projects dropping from $5 billion to $2.2 billion, a 56% decrease from the peak in February.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The USD market cap of these top PFP projects peaked at $5b this year.  <\/p>\n<p>It&#39;s now $2.2b, down 56% ($2.8b) from the Feb peak. <a href=\"https:\/\/t.co\/6aaUvyXTT0\">pic.twitter.com\/6aaUvyXTT0<\/a><\/p>\n<p>&mdash; Stats (@punk9059) <a href=\"https:\/\/twitter.com\/punk9059\/status\/1696617782287245545?ref_src=twsrc%5Etfw\">August 29, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>A broader view of NFT activity across marketplaces also revealed a decrement. According to Dune Analytics, NFT trades and volumes fell across major NFT platforms.<\/p>\n<p>This decrement in volume and trade may have broader implications for the NFT sector.<\/p>\n<figure id=\"attachment_339667\" aria-describedby=\"caption-attachment-339667\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-30-at-6.06.45-PM.png\"><img decoding=\"async\" class=\"size-full wp-image-339667\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-30-at-6.06.45-PM.png\" alt=\"\" width=\"2560\" height=\"695\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-30-at-6.06.45-PM.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-30-at-6.06.45-PM-300x81.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-30-at-6.06.45-PM-1024x278.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-30-at-6.06.45-PM-768x209.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-30-at-6.06.45-PM-1536x417.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-30-at-6.06.45-PM-2048x556.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-339667\" class=\"wp-caption-text\">Source: Dune Analytics<\/figcaption><\/figure>\n<h4>What&#8217;s cooking at Yuga Labs?<\/h4>\n<p>But regardless of the above trends, Blue-Chip NFT collections by Yuga Labs have maintained relatively stable performance. For instance, Bored Ape Yacht Club&#8217;s [BAYC] floor price rose by 8.48% last week while its volume increased by 49% in the last 24 hours, according to NFTGO&#8217;s data.<\/p>\n<p>Similarly, Mutant Ape Yacht Club [MAYC] exhibited a 14.8% weekly increase in price and a 69% surge in sales over the past 24 hours.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the <a href=\"http:\/\/ambcrypto.com\/calculator\/apecoin-profit-calculator\" target=\"_blank\" rel=\"noopener\">APE Profit Calculator<\/a><\/p>\n<hr \/>\n<p>The growing interest in Yuga Labs&#8217; NFTs might also contribute to the growth of ApeCoin [APE], whose price surged to $1.473. However, Apecoin&#8217;s turning network growth indicated a falling interest in transferring APE.<\/p>\n<p>Likewise, its velocity suggested a reduced frequency of APE trading.<\/p>\n<figure id=\"attachment_339666\" aria-describedby=\"caption-attachment-339666\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/ApeCoin-APE-18.05.25-30-Aug-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-339666\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/ApeCoin-APE-18.05.25-30-Aug-2023.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/ApeCoin-APE-18.05.25-30-Aug-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/ApeCoin-APE-18.05.25-30-Aug-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/ApeCoin-APE-18.05.25-30-Aug-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/ApeCoin-APE-18.05.25-30-Aug-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/ApeCoin-APE-18.05.25-30-Aug-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/ApeCoin-APE-18.05.25-30-Aug-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-339666\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Base&#8217;s increasing number of transactions could be the comeback the NFT market needs. Alongside this, Yuga Labs&#8217; NFTs witnessed a rise, while BAYC and MAYC showed promise as well.<\/p>\n","protected":false},"author":73,"featured_media":339668,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[66,3,4029,4,20],"tags":[],"class_list":["post-339650","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-news","category-news","category-nft","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Base is a silver lining in a struggling NFT market: Here&#039;s why - AMBCrypto<\/title>\n<meta name=\"description\" content=\"NFT market revives with Base protocol&#039;s surge, countering months of declineNFT market revives with Base protocol&#039;s surge.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/base-is-a-silver-lining-in-a-struggling-nft-market-heres-why\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Base is a silver lining in a struggling NFT market: Here&#039;s why - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Base&#039;s increasing number of transactions could be the comeback the NFT market needs. 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