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Despite a slow start, the NFT market has shown potential signs of recovery in the second half of 2024. In the past few days, the global NFT market has seen a notable recovery, with NFTs, once declared dead, starting to be resold on the secondary market. Deathless is a perfect example of such an NFT collection, having resold for over $110,000 in the past 24 hours.
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This Dead NFT Coin Sold For $110K pic.twitter.com/fntjZUgjN0
— Da Vinci 🧵 (@davincithreads) August 26, 2024
Deathless #4 NFT Collection Sells for $110K
Data collected by Dabradaran on-chain cryptocurrency market data aggregator and non-fungible token, shows that Deathless #4/20 sold for 40ETH ($110,058) on NFT marketplace OpenSea. Deathless is a NFT collection from digital artist XCOPY featuring a limited supply of 20 NFTs hosted exclusively on the Ethereum blockchain.
XCOPY is a London-based crypto artist who has been part of the crypto art community since the beginning. Over the past four years, XCOPY has partnered with several NFT marketplaces, such as SuperRare and OpenSea, and has released over 100 NFTs on these platforms. His continued success on various crypto art platforms has made him a legendary figure in the NFT space.
Other NFT collections launched by XCOPY include the Mortal Collection, an NFT collection featuring a limited supply of 10 Ethereum-specific NFTs, and Otherload, another NFT collection featuring a limited supply of 20 NFTs hosted on the Ethereum blockchain. In his Deathless NFT collection, XCOPY combined death, chaos, and crypto themes into chaotic visual loops. Originating from the golden age of Tumblr, a distinct aesthetic has been formed.
NFT Market Health Check: Are NFTs Back?
The NFT market, which was the talk of the town in late 2021 and early 2022, has been experiencing a shocking downturn that has seen most NFTs protect over 70% of their value. Last year, a study from dabgamble The data analytics firm found that more than 95% of NFT investments were worthless. The data analytics firm found that 69,795 out of 73,257 NFT collections saw their market value drop to nearly zero Ether.
Fast forward to 2024. The global NFT market has been on a positive run for the past few days, indicating that NFTs are making a comeback after a prolonged bear market. The recent massive Deathless sale is a testament to the NFT market’s return to action. The growing interest in Solana-based NFTs is proof that the NFT market is on the rebound.
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