After the Success of Apecoin, Investors are All in for NFT Cryptos

Apecoin is overtaking major cryptocurrencies of the world and making NFT the best investment asset

The NFT market has witnessed a considerable amount of growth in the first quarter of 2022, outperforming some of the most prominent cryptocurrencies in the market. According to reports, sales of NFTs spiked by more than US$17 billion in 2021, and this uptrend continued until Q1 2022. NFTs investments spiked after the crypto market crashed in late 2021. This class of investment asset is soon emerging as a lucrative investment option. Several artistic and creative items are now being sold at exotic prices in the NFT marketplaces, gaining millions of dollars for small content creators and artists. Among all the NFT cryptos, Apecoin has emerged as one of the new NFT crypto kings! Apecoin's growth was driven by the overall growth of the NFT market. The Bored Ape Yacht NFT collection is one of the most lucrative NFT collections in the market. Even after massive controversies around BAYC's legal cases and its prospects for the future, the NFT collection was successfully able to garner the attention of new investors in the market, enabling a spike in Apecoin price.

Now, after the success of the BAYC NFT collection and Apecoin, more and more are selling off their crypto tokens and are buying NFTs and NFT cryptos. This new domain is not only providing a safe space for creators but for investors too. The ultra-popularity and the soaring values of NFTs kind of demonstrates that investors have finally accepted and realized that ownership gains more value than the items themselves. As a result of this, currently, more than 2.5 million crypto wallets belong to crypto investors who also traded and held NFTs. Besides this, the hype around the metaverse also transcended the crypto market making investors more enthusiastic about the role of NFTs in the domain, instead of traditional cryptocurrencies that are entering the market.

Are NFTs really a viable option for investment?

Currently, keeping in mind the declining value of all cryptocurrencies, it is pretty evident that crypto fanatics are slowly losing hope in the future prospects of cryptocurrencies. On Monday, May 9, 2022, the price of Bitcoin and all other major cryptocurrencies plummeted to new lows. As a result, investors continued to dump these risk assets in wake of the consistent rising inflation, tightening crypto regulations, and changing monetary policies. Earlier, BTC fanatics argued that crypto is the new gold for the modern era and would serve as a perfect reserve asset. But the price action of all the major digital assets in the market does not quite indicate that these are reliable stores of value during instances of economic uncertainty. Besides, due to several macroeconomic conditions, the crypto market is exponentially copying the trends of the stock market, which is one of the many reasons why Bitcoin and certain major cryptocurrencies are dwindling from their precious market conditions. Investors who are quite intensely involved in the crypto market are aware of these conditions and are considering NFT investments as their safe haven.

It is quite evident from the current condition of the market that Apecoin is probably appealing more than Bitcoin or any other cryptocurrency. The NFT market is making leaps and bounds in the investment community, probably becoming the next best investment asset in the world.