Money Pours Into ApeCoin, Axie Infinity, and The Sandbox – Could NFTs Be Making a Comeback?

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Sam is a financial journalist with a focus on cryptocurrency market news, based in London. With a Master’s Degree in Development Management from the London School of Economics, Sam’s passion for...

Are NFTs making a comeback? Following the surge in BAYC’s ApeCoin after the ApeChain launch, investment is now shifting towards Axie Infinity, The Sandbox, and emerging layer-2 blockchains.

The crypto winter hit hard, particularly impacting NFT holders who watched the value of their digital assets plummet amidst widespread claims that NFTs were dead.

However, recent developments like the launch of ApeChain and the rise of GameFi platforms are revitalizing interest in once ‘dead’ NFT projects, injecting new vitality into the sector.

Over the course of this year, NFT volumes have mounted an impressive recovery of volume, with a notable uptick over the past few weeks amid a resurgence of interest in Bitcoin and Solana-based NFTs.

The recent launch of ApeChain has boosted the performance of BAYC NFTs, especially with the new NFT-centric layer-2 bolstering investor confidence in the prospects of a fusion between rampant meme coin culture and non-fungibles.

Floor price surged to hit 13.5 ETH this week, amid a sudden inflow of +112.33% in trading volume.

The move has also boosted Apecoin price – smashing a serious long-time frame downtrend with a thunderous +130% pump over this past weekend.

Now trading at $1.41 (a 24-hour change of -9.94%), APE price has entered localized retracement over the past day as Apecoin holders mount a defense of support at $1.38.

Backed by underfoot lower support, around $1.25, a cooling RSI hints at a return to the upside for Apecoin in the short-time frame.

Back in September, long-standing NFT-based GameFi project