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The #NFT sales are down 92% compared to their peak in September'21. Is the hype over?
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The tech behind NFT is here to stay but perhaps the bubble will burst or become a niche rather than main stream. However seeing the passionate community behind it I could be completely wrong 😄
@arunpariyar I share this feeling. I'd rather say the applications for NFT are very scarce and those investing $$$ in jpgs would have a hard time reselling them.
Personally I didn't understand anything about NFT, after I admit that I wasn't interested in it at all :D
However. the 1st wave passed as you say, but the valuation experts saw an interest in it and strong gains. they will get started.
therefore less mass business and more, many more big deals initiated by the pros
@ketan_pandit1 I don't know if this is stupidity. speculation with all the adrenaline that this can cause! Or just missed something that I can't figure out.
I think for many retail purchasers of NFTs the "gig is up" with their current application. I think we'll see some innovative uses for them by businesses and artists, but in terms of the way they've been used up until now, I think people are mainly over it.
@paul_vanzandt I think the vast majority of buyers don't even understand how NFTs work.
I think there are several reasons for this. Number one, NFTs go hand in hand with the metaverse and since the idea of the metaverse is past its first hype, it makes sense that so are NFTs. Number two (key) is that a lot of people still have no idea what NFTs are and what the point is. If we want to bring the hype back, we should do a better work in educating the general public and focus on finding easy-to-understand applications for NFTs. So far, in a layman's knowledge NFTs are a crazy hobby for the rich while they could be a lot more.
lol it certainly feels like it! I do think the space is highly cyclical, and that there is another wave coming during a subsequent run-up in the market.... whenever that happens lmao
@daniel_engels I do! We are still dealing with the ramifications of it from a regulatory perspective. NFT/Metaverse was the boom this time in my opinion, and there will be category changing winners that arise, but in total, most of it was hype and oversupplied, diluted, and uninspired
This sums up my experience 👇
Kudos to Open Stickers team (@anastasiya_yavorskaya, @shepovalovdenis, @hellobaha) for these super cool stickers ✨
Kudos to Open Stickers team (@anastasiya_yavorskaya, @shepovalovdenis, @hellobaha) for these super cool stickers ✨
The Wall Street Journal just published an article claiming that NFT transactions are flatlining, which appears to be totally based on incorrect data from http://Nonfungible.com (compare with on-chain @.DuneAnalytics data).
If you look it up, all the numbers are showing the opposite..
@seantiffonnet @daniel_engels Yeah, this is what I had seen on twitter. It's unclear to me which source would be more correct. A lot of different agendas here...
That's a great question. As someone who regularly works with Web3 projects, I think that NFTs have a lot of potential as a concept, but their art market application isn't the best one. Like a lot of other things, it's better understood as a niche solution to specific problems rather than something that everyone should get onboard with. And I don't believe them to be a good option for a first-time investor.
I don't think the hype is over (not in the least, actually), but I think people are realizing that they haven't yet found a logical application for this technology and a lot of people who were sucked into the mania are starting to second-guess it. That said, I think the fanfare will keep going and it'll likely hit a resurgence once a product hits the market that makes logical use of the technology (something more than digital baseball cards)
@szaciu do you think such applications would have smth to do with digital art? Or something completely different?
@szaciu If you can't find a use-case for technology, it's probably technology you don't need 😇
@daniel_engels i think expecting people to buy digital assets with no compelling application is shortsighted and narrow. The focus should be on getting corporations to pay for the purchasing of NFTs, which then drives the demand for others to create more NFTS. If the ethos of web3 is to be “for the people”, then we shouldn’t be taking their money, either.
Hype areound an industry will always reach a plateau at a certain time - it's a natural and healthy process. The moment is not the best: High inflation, war, international tensions, risk of recession. Like cryptos, NFTs are showing high correlation with tech stocks, which are down A LOT.
If you invest in NFT's only for the Hype, then like everything else the risk is huge and the moment is aweful. However, if you dig deeper to search for different value propositions like Data monetization, personalised content etc...it's a whole new story, and quite interesting!
@ludovico_petrali would like to see some serious research on how NFT could be applied to data monetization. Any references?
NFTs as a utility for creative endeavours was long overdue to cool down. As they relate to DAO and real business creation… that’s just getting started. 👍
Go check out what @gabelunao and the crew are building over at @usebraintrust as exhibit A. 💯
I don't think you fully need to understand how something works in order to be able to securely invest in it. People that invest in electricity companies don't necessarily know how electricity works, they just know people will still need it in the future.
As far as not knowing how NFTs work, just understand the way people are currently valuing it (collectibles from well known brands or celebrities are better) and how to get those valued assets at the lowest price possible (get on the list of drops, follow people and discords etc.)
Buy at the lowest you can, build up collections of rare NFTs to bundle, sell at the highest price. That's how they work.
As far as the demand, it will likely come back again, but when new types of NFTs come. Not just the overly played punks, apes, stoned cats or whatever other caricatures they think of, but things with actual value.
We will likely see another uptick in demand when the real estate and medical fields get more advanced with NFTs and when we stop seeing NFTs as just a picture we could buy, but as an amazing tool for verifying and storing information by using the blockchain technology.
When the majority of NFT twitter comments become jokes about how you can just control C + control V, the hype is up
The value of NFTs in the gaming space will be interesting to watch but the broad community positioning has definitely become more skeptical after seeing the failed promises and rug pulls
@daniel_engels Oh the interest rate hike definitely had something to do with it. After the FOMC meeting on the 4th SPY (S&P 500) went up 3% which is BIG for an index. But yesterday it took a big dive after investors reassess.
NFT is good and all when it comes to artists that deserve it. But as of what's currently trending, most of the NFTs are just for-profit and don't even care about the quality of the work. The downside about NFT is that anyone can easily copy it. You can technically sue those who use it but would you be willing to spend the money not allowing people to use your IMG or GIF?
@joseph_kopp at the beginning the hype was so high that I thought it might last several years. I'm much more skeptical now.
@tania_kot oil doens't seem a safe haven in the long run. There might be a spike for a while, but I still remember the negative price on Brent futures a year ago.
@igor_kyrylov my personal opinion is that the NFT bubble has burst, but the crypto might stay for years, with new ups and downs
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