As NFT Transactions Decline, Institutional Actions Ignite a New Era of Utility
- NFT sales plummeted 42% to $93.18M weekly, with Pudgy Penguins dropping 76% to $3.8M. - Coinbase's $25M UpOnly NFT purchase triggered 7,900% UPONLY token surges, showcasing NFT utility beyond speculation. - Moonbirds' Soulbound Token (SBT) initiative and Ethereum's $35M weekly sales highlight evolving NFT functionality. - 57% institutional interest in tokenized assets signals market maturation, prioritizing utility over pure collectibles.
The NFT sector has experienced a sharp decline, with overall sales volume falling by 42% to $93.18 million over the past week, as reported by
A notable case is Coinbase's $25 million acquisition of the UpOnly NFT, a programmable asset that obligates podcast hosts Cobie and Ledgerstatus to release a new eight-episode season, according to a
This development has already caused significant price swings in related memecoins, with UPONLY and COBIE tokens skyrocketing by more than 7,900% and 5,800% respectively on Coinbase’s Base network, according to the Coinotag article. Experts interpret this as evidence of increasing institutional interest in NFTs, especially those offering real-world utility. “This is more than just a financial move; it’s a spark for meaningful conversation in the crypto space,” stated Coinbase President Emilie Choi, as previously reported.
At the same time,
Analysts observe that although total NFT trading activity has declined, the number of buyers has actually risen by 33%, reflecting sustained interest in premium assets, according to the same Crypto.news data. This contrast between speculative trading and utility-focused NFTs points to a market that is maturing, where projects with clear practical benefits are more likely to maintain their value during downturns.
Coinbase’s high-profile NFT acquisition and Moonbirds’ SBT launch illustrate how institutional and creative efforts are continuing to influence the NFT space. With 57% of institutional investors reportedly interested in tokenized assets, including NFTs, as found in the CryptoCoin report, the future of the industry may depend on its capacity to provide real-world applications beyond digital collectibles.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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