The NFT market has blown up in 2021, and as the year comes to its end, the sector does not appear like it will slow down anytime soon. In fact, there are some pretty big moves in NFTs right about now, which Market Rebellion’s Jon Najarian recently commented on during a CNBC interview.
Najarian noted that the trading of NFTs (Non-Fungible Tokens) exploded with a 900% surge in volume. He pointed out that this indicates that millions of people are involved, calling it “the march of the ants,” signaling that more are likely to come, following those who are already there, and who are helping the NFT sector blow up.
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However, he also noted that the focus on NFTs also continues to drive gas fees up for Ethereum (ETH/USD). This has been a common issue with Ethereum for a long time now, and for a while, the community expected Ethereum’s developers to introduce updates that would fix it. While they did try to improve the situation, the overwhelming amount of interest in the NFT sector — which is still the biggest on Ethereum’s blockchain — is making it difficult for its ecosystem to cope.
Riot and MARA soaring
Najarian also touched upon the Riot blockchain, which has been soaring recently, as well as MARA. Both of them have been getting huge bets and a lot of attention by the community, as well as the media. In Riot’s case, he mentioned that traders were buying calls that were at $50 at the time the exchanges in traditional finance closed on Friday.
He also added that some were going as high as to buy $60 strike in MARA, and both of them are just continuing to move higher and higher.
Traditional markets are skyrocketing also, with people betting $250 on oil, while S&P 500 saw a 10% surge in the past 12 days. Current predictions say that 24.7% rise is expected by the end of 2021.
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