The NFT Avatar Trend Is About Community

[RSRS]

The media (both crypto media and mainstream media) declared NFTs dead in June, citing data that showed sales volume had dropped precipitously at the largest NFT sites. But now the market for blockchain-based digital collectibles has come roaring back (along with the price of Ethereum), especially one segment of the NFT boom that probably looks particularly bizarre to skeptical onlookers: cartoon animal collections.

Pudgy Penguins hit $11 million in daily sales volume. Bored Apes hit a floor (the cheapest price for one NFT) of $46,000 and one ape sold for more than $1 million. Degenerate Apes, an NFT series built on Solana rather than Ethereum, helped push SOL to an all-time high. Cool Cats sold for millions of dollars, and collaborated with TIME Magazine to create NFTs of cats reading TIME Magazine. Don't forget Lazy Lions, Dope Shibas, SupDucks, DerpyBirbs, Party Penguins, and Wicked Ape Bones.

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