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Non-fungible tokens have suffered a brutal comedown in recent weeks. The NFT market slump started sometime mid-this year, leaving the majority of NFTs shielding more than 70% of their floor prices. The NFT market collapse has also severely affected investors conviction in non-fungible tokens, which may take some time to rebuild confidence.

Nakamigos is a perfect example of an NFT collection, showcasing strong market resilience amid the recent NFT market slump while other NFT collections tumble. In this article, we look at whether this collection will rebuild confidence among investors and bring back the NFT season.

Launched in March 2023, Nakamigos is an NFT collection from the digital asset incubation studio HiFo Labs, featuring a limited edition of 20,000 NFTs hosted on the Ethereum network. The NFTs in the collection are 2424 pixel characters in a style reminiscent of the blue-chip NFT project CryptoPunks.

The collection derives its name from the pseudonymous founder of Bitcoin, Satoshi Nakamoto. Nakamigos means being the friends of Nakamoto. During the launch, the Nakamigos team allocated 17,000 NFTs for minting and reserved 500 NFTs for developers.

Its worth noting that the team behind Nakamigos NFTs has been endowed with corresponding commercial rights, a gesture that mirrors Yuga Labs move to offer commercial licensing rights after acquiring CryptoPunks and Meebit NFTs in 2022.

Nakamigos NFT project has strong backing, featuring more than thirty-eight thousand followers on Twitter. It also has endorsement from notable crypto investors such as Michael Novogratz, the chief executive officer of Galaxy Investment Partners.

Nakamigos has remained strong, trading above 0.33ETH in several months despite the recent market slump. In the past 24 hours, the Nakamigos NFT collection has a floor price of 0.37 ETH, showcasing an uptrend. The NFT collection has recorded a trading sales volume of 40 ETH in the past 24 hours.

Source: CoinGecko.com, Nakamigos Trading Activity

In April, Nakamigos teased about launching another project before the end of the year. Last month, the NFT project shared another teaser, showcasing the possible launch of another project. The highly anticipated NFT project is expected in this years next three months.

https://t.co/nZjDDB7zFL pic.twitter.com/WG03X2HTDU

Nakamigos (@Nakamigos) August 2, 2023

Since Nakamigos has showcased its full market potential amid the bear. This NFT collection will likely bring back the NFT market lively from its deep slumber. Therefore, its just a matter of time before the NFT market probably retests hype similar to the historic 2021 Bull Run.

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Nakamigos Set To Launch Its Hottest NFTs This Year Can It Bring ... - Inside Bitcoins