Are NFTs dead? How They Could Become A Huge Part Of The Future
The post Are NFTs dead? How They Could Become A Huge Part Of The Future appeared on BitcoinEthereumNews.com.
Non-Fungible Tokens (NFTs) were a smash hit in 2021 but fast forward to the present and their popularity has been on the decline. In fact, considering current market trends, altcoins are arguably more interesting or more appealing. To put into perspective just how popular theywere in 2021, here are a few examples. Someone recorded facts, made an NFT symphony and sold it for $85. Another sold one of a twig image for $12,000. Even more outrageous was when someone sold a rock NFT for 400 ETH (roughly $1.3 million at the time). The Bored Apes Yacht Club is one of the best examples of wildly popular projects. Its marketcap surged as high as $4.2 billion at the start of May 2022 and has since dipped to $251.5 million at press time. Source: Coingecko The Bored Apes Yacht Club’s decline reflects the state of the total NFT market. The segment’s total dropped from just over $10.813 billion in December last year, to about $3.36 billion at press time. It was well over $30 billion at its peak. Why the NFT Market is Just a Fraction of its Former Glory To first understand what drove the NFT gold rush, it is vital to understand what drove their popularity in the first place. They made their way into the market at a time when market excitement was at all-time highs. Everything was appreciating, which explains the high risk appetite that drove into the unusual purchases. The appeal of a new frontier full of opportunity, coupled with easy money from stimulus cheques fueled investor appetite. In other words, the first wave of was mostly underpinned by heavy speculation. Despite the declining sentiment around NFTs, the segment remained active. However, demand was still weak compared to 2021 levels. Moreover, they may still play a huge…
Filed under: News - @ May 9, 2025 2:28 am