A popular crypto analyst thinks that NFTs are about to have a huge comeback. Kaleo, a well-known trader with over 600,000 followers on X (formerly Twitter), believes that NFTs will experience a major surge in popularity similar to what happened in late 2020 and early 2021.
NFTs: A History of Success
Kaleo points out that NFTs were relatively unknown before the last bull market in crypto. It wasn’t until after Bitcoin started its price climb that projects like NBA Top Shot took off, bringing in a whole new wave of people to the crypto market.
He argues that art enthusiasts will eventually return to NFTs, and all it takes is a small spark to ignite the next boom.
Meme Coins Don’t Mean NFTs Are Doomed
Kaleo also dismisses the idea that the popularity of meme coins will keep NFTs down. He believes that the meme coin craze actually shows how willing people are to invest in “degenerate” art, which is exactly what NFTs are all about.
He points out that before NFTs took off, people were already trading meme coins on platforms like PancakeSwap.
The Bottom Line
Kaleo’s prediction is that NFTs are poised for a major comeback, and he believes it’s only a matter of time before they become a major force in the crypto market again.
