NFT current downturn is due to socioeconomic factors rather than a drop in collector interest

Leading NFT marketplaces have surpassed US$40 billion in total sales, an astounding figure given the industry’s negative press. However, investments in the US creator economy have fallen by 60% since last year.

When statistics are quoted, it is critical to understand where the data is coming from in order to make an objective decision on who to believe. Because, contrary to what alarmists claim, the NFT market has not yet faded.

I recall that NFTs were frequently chastised, particularly after the most recent crash prompted headlines in publications such as Fortune and Bloomberg about the industry’s demise. Despite the fact that trading volume on the top NFT marketplace OpenSea was down 99% from its peak in May at one point, many collections sold out.

People who refuse to understand NFTs irritate me; not all NFTs are created equal. As with any emerging technology, some use cases are more popular than others, influencing subsequent implementations. In the case of NFTs, users appear to have a limited interest in art with no additional features.

Blockchain technology is being used in the gaming industry in a variety of ways, including NFTs, Play & Earn, virtual events, and tournaments, all of which WAM offers. They’re quite exciting, and the blockchain gaming industry has been quietly simmering for the past few years.

According to me, the NFT market is far from dead, and its current downturn is due to socioeconomic factors rather than a drop in collector interest. However, NFTs that provide real value and utility will be the ones to weather the market’s ups and downs in the future.

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