Typically, when NFTs rise, it signals a local peak for crypto markets. NFTs → Luxury Goods I agree with @xydotdot statement; people usually purchase luxury goods when they experience financial gains, not primarily due to anticipated profits. This was evident during the 2021 NFT season. A fundamental shift is occurring compared to 2021, as institutions are now entering the NFT space. For example, traditional institutions like @vaneck_us are subtly promoting @pudgypenguins by using Pudgy PFPs, a trend others are following. While this might not significantly impact NFTs as a whole, it introduces new nuances: - It signals to other businesses and institutions the importance of engaging with the cultural aspects of crypto, potentially leading them to launch or support prominent NFT names. - Pro-crypto regulation that benefits the crypto ecosystem can also serve as a new signal. - It could drive the development of next-generation NFTs that offer more than just profile pictures, incorporating additional utilities. - The rise of IP-AI tokenization protocols like @campnetworkxyz could catalyze the next wave of NFTs. Imagine NFTs representing real estate properties, invention patents, master recordings, amine-peptides, DNA strands, and more. I remain cautiously optimistic about the rise of NFTs, but NFTs in this cycle might be more nuanced than just animal pictures. Let me know your thoughts in the comment!