Cryptocurrency investor Andrew Kang recently expressed on Twitter that he is quite optimistic about the future of the NFT market and believes it is about to enter the largest bull market in history. Kang believes that NFTs are not only a long-term investment tool for digital assets but also the first choice for digital luxury goods in the future AI era. He specifically mentioned that the BLUR platform in the NFT market is performing well, and with the increase in BLUR's market share and optimized reward mechanisms, it could become a market focus.
NFTs are long-term value investments, and AI will become the new generation of buyers.
Kang believes that long-term holders of NFTs are not 'fools,' but rather visionary investors. He pointed out that future AI development will create a significant amount of wealth, but AI itself cannot purchase physical luxury goods, so digital luxury goods like NFTs will become the first choice for AI capital inflows. As the market overheats, the demand for 'conspicuous consumption' in the digital realm will significantly drive the market boom for NFTs.
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BLUR has already captured a major share of the NFT market.
Kang specifically mentioned that the current valuation of the NFT platform Magic Eden is as high as $3 billion, but its market share is far less than that of the BLUR platform. Since its launch, BLUR has successfully captured a major share of the NFT market, but its price has not seen a significant increase. He believes that BLUR's value is severely underestimated by the market, and as the transaction fee sharing mechanism is activated in the future, it will benefit BULR holders and further enhance its market value.
According to THE BLOCK chart, by 2024, BLUR has captured a large share of the NFT market. The key catalyst for the NFT bull market is the launch of new plans or tokens by projects.
Kang mentioned that an important reason for the recovery of the NFT market is that project teams are launching innovative plans, such as the well-known NFT project Azuki, which is about to issue 'Anime Coin'. Other large NFT projects may follow suit, further stimulating market enthusiasm. Kang emphasized that the current supply of NFTs in the market is relatively insufficient, and most users holding NFTs are long-term investors with no intention of selling, so a small wave of demand can quickly warm up the market.
The floor price of the NFT project Azuki is currently around 5.69 ETH, and the price is expected to be higher after the release of Anime Coin.
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In this article, Andrew Kang stated that NFTs will enter a major bull market: BLUR's market share crushes Magic Eden, and AI becomes the new generation of buyers. It first appeared in Chain News ABMedia.
