Interestingly, as Reuters reported on October 8, this comes just days after FTX received legal approval to refund billions of dollars to customers. The total refunds total $16.5 billion and will be made over the next 60 days.
Will the bull market start with millions of dollars worth of #NFT purchases?
This remarkable deal
could mean the 2021-2022 market returns to the previous bull cycle. At the time, the JPEGs associated with these unique tokens on #Ethereum were trading for millions of dollars.
According to data obtained by Finbold from The Block and CryptoSlam, FT trading volume exceeded $3 billion in 2021.
The two golden years of FT were characterized by stable trading volumes.
Even the sharp increase from November 2023 to April 2024 does not reach the 2021-2022 figures, when the turnover was about 300 million US dollars. The current trading volume is currently under US$100 million, but that could change with FreeLunchCapital's US$1.4 million purchase of BAYC.
it is worth noting that Bored Ape Yacht Club continues to be the leader in BAYC. As the figures compiled by DefiLlama show: on October 12, BAYC's daily trading volume was 668.88 #ETH , with gold unit #7940 accounting for 83.4% of the total trading volume.
FreeLunchCapital ended up paying 588 ETH.
One of the 'prettiest' BAYC gold units, attached to what enthusiasts consider to be one of the prettiest BAYC gold units.
This amounted to approximately $1.43 million, indicating a renewed interest in trading these rare tokens.
Not only will billions of dollars of liquidity be injected into the market thanks to #FTX getting a clear path to reimburse customers, but it will also free up the lists of NFTs- locked away in the vaults of bankrupt companies. If everything comes together, this recent event could lead to a long-awaited cryptocurrency bull market in 2024.
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