Are JPEGs really dead in the NFT market?

JPEGs, often associated with Non-Fungible Tokens (NFTs), are not "dead" in the NFT market. Recent discussions indicate that the market has been experiencing significant activity and interest:

1. Volume and Transactions: NFTs continue to see substantial trading volumes and transactions. For instance, a remarkable $476 million worth of NFT trades on Opensea were recorded in a single day, reflecting a vibrant market 1.

2. Market Dynamics: Although there is a high turnover of projects within the NFT space, with new projects continually emerging, this dynamism contributes to the sustained interest and investment in NFTs rather than indicative of a decline 1.

3. Resurgence of NFT Volume: Contrary to the belief that JPEGs (a common format for NFTs) were facing a downturn, recent data shows a resurgence in NFT trading volumes, debunking the notion that JPEGs are obsolete in this context 2.

These insights suggest that JPEGs, as a form of NFT, continue to play a significant role in the market, driven by ongoing transactions and the introduction of new projects.