You should bring a parachute if you like to get high – And of the height, the NFT took it. A lot. Maybe too much, and too soon.
The NFT bubble, the term that means nothing
The term “bubble”, internet bubble, Bitcoin bubble, NFT is sometimes wrongly, often wrongly, very rarely used correctly. As soon as something works properly, during a dip (or fall), the expression on everyone’s lips is “the bubble has burst”.
Is this really the case for NFT (Non-functioning token)? Looking at the numbers, NTF’s sales are indeed falling. For example, Opensea: Today’s largest NFT sales platform, after a flying start in mid-2021, saw its numbers skyrocket until May 2022, and have since plummeted. The platform goes from more than $400 million transactions, to 5000000 August 28.
By taking the gondola ends of the platform, namely: Bored Ape Yacht Club and cryptopunks we notice that the curve is not going in the right direction.
The average price of a monkey on 90 days is of 99ETHversus 89 if we compare something over the past 14 days. The bottom price is 77.7ETH.
The same observation with the cryptopunks.
We tumble from an average of 69.4ETH in the past 90 days, 38.5ETH the past 14 days. Almost 50% off. January sales don’t cause such a bloodbath.
But is this really the end of NFTs?
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You need to know how to take a step back
The announcement made and circulating on all networks is already linked to OpenSea. While it remains the current market leader, it is not the only platform in existence.
Are the competitors also affected? The answer is yes. special, solanart, AppearanceRareall sales and exchange platforms are starting to cross the desert.
So the problem is everywhere. But what does it have to do with? Is it really a lack of interest in NFTs?
First, you have to keep in mind that NFTs are still something new, recent. And if something is new and it works, then it is used everywhere, always and anyway. Is this current purge a bad thing when you see the number of collections of NFTs with the heads of dogs, dead coypu or monkeys copied on BAYC? Soulless, useless collections, only meant to get money to their creators before they leave the cash register?
Second thing to consider, the market! If we look at the bitcoin price more than a year the observation is simple.
What if this was just the beginning for NFTs?
And even if NFTs are primarily sold in ETH (or WETH on other blockchains), don’t be fooled. When the Bitcoin cough, everyone has a fever! And where all the projects worked a year ago and were sold in the midst of a bull run, when the market is in doubt, many leave their wives and children to walk away with what little savings are left.
That’s how it really is the end of NFTs ? The answer is without a doubt no!
Is this the end of totally busted zombie bunnies NFTs? Perhaps ! And if so, all the better. But the collections historicaleven if they fall, will rise when the market recovers.
And keep in mind that we are aloneinitial of the use of NFTs. We have certainly only explored 3% of the possibilities of this technology. So let’s be patient! And let’s stop talking about a bubble every time the market falls.
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