The #NFT sales are down 92% compared to their peak in September'21. Is the hype over?

Daniel Engels
53 replies


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.
Dhruv Bhatia
Been feeling the same for a month or so
This sums up my experience 👇 Kudos to Open Stickers team (@anastasiya_yavorskaya, @shepovalovdenis, @hellobaha) for these super cool stickers ✨
Michael Silber
@daniel_engels can you cite the 92% stat? I've seen conflicting information on this. It definitely *feels* like hype has died down, but I know a ton of people who are sticking around.
Paul VanZandt
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.
Daniel Engels
@paul_vanzandt I think the vast majority of buyers don't even understand how NFTs work.
Sergio Zaciu
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)
Daniel Engels
@szaciu do you think such applications would have smth to do with digital art? Or something completely different?
Axel Lavergne
@szaciu If you can't find a use-case for technology, it's probably technology you don't need 😇
Sergio Zaciu
@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.
Jamie Green
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
Dylan Merideth
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
@dylan_merideth well remember the ICO boom in 2019?
Dylan Merideth
@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
Aaron Marco Arias
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.
Rich Watson
Market, crypto, and NFT are all bearish (downtrend) run now.
Daniel Engels
@richw some part of it could be explained by the rising interest rates.
Rich Watson
@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?
Sean Tiffonnet ▲
The Wall Street Journal just published an article claiming that NFT transactions are flatlining, which appears to be totally based on incorrect data from (compare with on-chain @.DuneAnalytics data). If you look it up, all the numbers are showing the opposite..
Daniel Engels
@seantiffonnet that might explain the discrepancy of data @product_at_producthunt
Michael Silber
@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...
I think that everything has noise and decline sometime, maybe this topic will come back like Fenix.
Tania Kot
the world crisis is coming... it'd be more appropriate now to invest in oil... or agriculture...
Daniel Engels
@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.
Arun Pariyar
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 😄
Daniel Engels
@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.
Don't think so. Seems there is a new correlation for cryptos and NFTs and the stock market. Its a temporary wave
Kristina M
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.
Maya Ben Zid
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.
Daniel Engels
@maya_ovice didn't the NFT hysteria start before the metaverse thing?