The NFT ecosystem will try to bounce back amid bearish market sentiment.

Over the past couple of years, non-vulnerable tokens (NFTs) have given the crypto ecosystem the boost it needed to gain mainstream attention – with the participation of famous artists and celebrities. However, despite the heavy losses suffered by NFT investors following a 10-month long bear market, the ecosystem has shown steady signs of recovery over the past two weeks.

Since September 12, the performance of blue-chip NFT clusters has shown continued growth, moving back to the 10,000 Ether (ETH) level that was lost in mid-August 2022.

Performance of blue-chip NFT collections. Source: NFTGo

On September 20, the market capitalization derived from the floor price and trading value of NFTs increased by about 16.5% to 11.25 million ETH.

Market capitalization of NFT clusters. Source: NFTGo

Breaching the 11 million ETH token market value for the first time in three months, the number of NFT holders increased by 32.24% in the same timeline as shown above.

Ethereum Name Service (ENS) currently contributes the highest amount at 9.25%, followed by popular NFT clusters such as Bored Up Yacht Club and others.

NFT market sentiment. Source: NFTGo

However, current market sentiment – calculated based on volatility, trading volume, social media and Google trends – is chilly as investors try to recoup their early losses.

Related: Acceptance of NFTs by post offices leads to Palestinian renaissance.

NFT marketplace OpenSea has launched the OpenRarity protocol to verify the rarity of NFTs.

The protocol aims to provide a reliable “rarity level” to help investors when considering buying NFTs.