Aptos Token Prices Have Doubled Due To Strong NFT Interest

Key Points:

• Blockchain layer one, even as the larger cryptocurrency market struggles with bankruptcies, lawsuits, and a drop in mood, Aptos’ APT tokens have increased by 250% in just 14 days.
• On Monday, prices are just shy of $14, up from $7 last week and more than 300% from the $3 lows in November. As APT futures markets remained largely inactive, spot tokens drove the movement the most.
• PT token distribution was criticized by some because investors and the Aptos Foundation received roughly half of the 1 billion tokens that were released.

Blockchain layer one, even as the larger cryptocurrency market struggles with bankruptcies, lawsuits, and a drop in mood, Aptos’ APT tokens have increased by 250% in just 14 days.

Based on the current token supply, Aptos is the 30th most valuable network thanks to the tokens, which have a market cap of approximately $2.3 billion on Monday. The tokens’ total supply gives them a diluted valuation of $14 billion.

On Monday, prices are just shy of $14, up from $7 last week and more than 300% from the $3 lows in November. As APT futures markets remained largely inactive, spot tokens drove the movement the most.

It appears that Aptos’ NFT markets helped fuel this expansion. The minimum pricing of various NFT projects have increased over the past week, according to data from Aptos NFT marketplace Topaz. Collections like Aptomingos, a group of comic flamingos, and Aptos Monkeys drew tens of thousands of traders in the past 24 hours.

Some well-known traders on Crypto Twitter predict that demand in Aptos NFTs will increase over the next few days. According to multiple tweets from different community members, flipping NFTs, a phrase for quickly buying and selling an item, have slowly gained popular among opportunistic traders.

On October 18, the Aptos mainnet was launched amid justifiable criticism and technical issues. APT token distribution was criticized by some because investors and the Aptos Foundation received roughly half of the 1 billion tokens that were released. This raised worries that investors and the foundation would dump their tokens, which would have a detrimental impact on the market.

For its part, the team defended the token payouts by pointing to proper lock-up periods implemented to stop any significant investor from liquidating their holdings in bulk. According to Aptos CEO Mo Shaikh, “our intention when we built the tokenomics was to produce something that fairly represented the community.”

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