i have been watching closely the crypto market and I wanted to ask if the bull market that affects crypto also affects THE NFT markets.
It doesn't affect the NFT market. The correct thing is the dump that happened with BTC and ethereum have been decreasing the price floor and they must have re-adjust their price to make sure the dump would not decrease the price of their NFT. I never seen that if the bullish trend in the crypto was affecting NFT market but the bearish trend does it for sure. NFT was getting priced in the stable coin or major coin like ethereum. it's likely the dump was forcing them all to increase the price of their NFT in ethereum term.
most NFT Markets that I know have a close groups or secret groups where they instruct their owners and creators to increase the price of their NFTs. i have never seen where such is been done and I don't think that is how the crypto space works.
Are you sure about this? I never heard before. NFT market was an open market and anyone will be free to give the price for their NFT. I'm sure that if there was such thing and it's not all of members will be following the instruction.
What determines the price of NFTS?
Uniqueness, rarity