The NFT market seems to be in a revival period since the market had been on the low with reduced sales in the past few weeks. The latest statistics show that trading volumes in major NFT marketplaces have increased sharply in the past few days, some of the platforms registered the highest single day trading volumes in the last few months.

This revived activity is music to the ears of artists, collectors and investors who have been struggling through a bearish market in the NFT industry. One such factor that seems to have fueled this rebound seems to be the creation of new and exciting NFT projects that have been developed to entice the crypto audience.

Such features are interactive storytelling, owning plots of virtual land in new metaverse projects, and utilitarian NFTs beyond art collectibles As for the rest, even primary NFT collections experienced the rise of their floor prices in the last few weeks; CryptoPunks and Bored Ape Yacht Club are good examples of that.

Another factor which has been observed is the increase in NFT trading coinciding with the recovery in the cryptocurrency market which indicates that the improved sentiment in the larger cryptocurrency space is being reflected in the NFT market. It also seems that institutional adoption of NFTs is increasing with several large brands and companies releasing new NFT products or collaborations.

These actions have contributed to the process of NFTs’ general acceptance by the public and new entrants into the market. But some of the analysts have noted that it is still early to talk about a full-fledged NFT bull market since trading volumes are still significantly lower than in 2022.

Critics have therefore suggested that the present rise may be a cyclical occurrence as a result of speculative demand rather than real demand. However, such worries have been overshadowed by the recent revival of NFT trading that has brought back the much-needed enthusiasm in the sector. That is why many NFT enthusiasts believe that this could be the start of a new growth stage for the technology that would be based more on practical use as opposed to just the hype of trading.