Non-Fungible Tokens Continue Experiencing Rise in Price and Demand amid Bitcoin Downfall

When Bitcoin (BTC) had hit the $64.8k mark, no one would have thought that today, the investors would be praying for BTC to stay above $30k. However, things have changed drastically since Bitcoin’s all-time high and it has been way over two months since Bitcoin has been struggling to keep its head high.

At present, the investors are stuck whether they should keep believing in Bitcoin’s nature and ability to make a comeback or move onto a different platform.

While Bitcoin continues to struggle through the hard times it is currently facing, the non-fungible token (NFT) industry is experiencing a surge in price. As the Bitcoin industry is looking for something more convenient, profiting, and reliable, they are moving towards the non-fungible token industry.

This is the reason why the non-fungible token industry is currently experiencing a surge in price and demand. The data shows that at present, there are two non-fungible tokens that have experienced a rise in prices.

The data shows that the name of the non-fungible tokens currently experiencing a surge in prices is Small Love Potion (SLP) and Axie Infinity (AXS). The information in regards to the surge in the prices of the NFTs was shared by an on-chain data analyzing firm TradingView.

The reason behind the success of the non-fungible tokens is the uses they offer apart from being valuable. Owning non-fungible tokens means the investors have value in the possession as well as something that is collectible or has some other significance.

These attributes make non-fungible tokens highly reliable and are constantly strengthening their existence in the cryptocurrency industry. Since the beginning of 2021, the entire cryptocurrency industry has experienced a great surge.

The demand for non-fungible tokens is constantly on the rise, which is why the cryptocurrency industry is constantly moving towards the NFT trend. The non-fungible token industry is constantly providing newer opportunities to users in art, music, and gameplay sales.

Small Love Potion is currently among the top NFTs that have experienced significant growth, existing as a token in the Axie Infinity ecosystem. Axie deals with the NFTs that are based on creatures, which are token-based, used in the world offered by Axie Infinity. Axie Infinity is an ecosystem that offers users the ability to breed Axies.

In a matter of 24-hours, Small Love Potion has gained a 55% rally, reaching an all-time high of $0.419 from a low price of $0.264.

Then there is Axie Infinity, which itself is one of the most prominent and best-performing tokens in the NFT ecosystem. Axie Infinity is a battling game, which provides trading options for users on the blockchain system. The data shows that in a matter of five days, Axie Infinity has gained a 97% rally. It experienced a surge from a low price of $11.18 to an all-time high of $22.14.