JPMorgan, a major player in financial services, acknowledged the recent uptick in decentralized finance (DeFi) and non-fungible token (NFT) markets as a positive development, though not definitive.
The insight stems from a recent report by JPMorgan analyst Nikolaos Panigirtzoglou, published on Thursday.
November showcased favorable trends for DeFi and NFTs, according to various analysis reports. Early in the month, analytics platforms began sharing encouraging results.
Nansen, a prominent on-chain analytics tool, highlighted the NFT market on November 6 through a Twitter post. Statistics revealed a notable increase in the NFT weekly volume, rising from 29,704 ETH (approximately $55 million) on October 9 to 68,342 ETH (about $128 million) by November 6, more than doubling its value.
A separate update from NFT aggregator CryptoSlam on November 8 showed a 1.54% uptick in NFT values. Ethereum, Cardano, and Polygon NFTs emerged as top performers, boasting relevant daily gains.
Despite these positive signals, JPMorgan remains cautious in its report, stating, “It is too early to be getting excited about it.” Panigirtzoglou emphasized that these are only “tentative signs of revival.”
While it might be premature to anticipate a return to the “golden” days experienced in 2021 when the NFT market saw a remarkable 21,000% surge in sales, there is optimism that the market is heading in a positive direction. The recent growth in numbers could also be attributed to the rise of new chains, DeFi protocols, and the emergence of Bitcoin Ordinals.
