The #NFT sales are down 92% compared to their peak in September'21. Is the hype over?
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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
@fares_aktouf Likewise. I just couldn't get the hang or the hype about it.
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@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.
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...
@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.
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)
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@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 😇
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@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.
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.
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@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.
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@maya_ovice didn't the NFT hysteria start before the metaverse thing?
@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.
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 😄
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@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.
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