The #NFT sales are down 92% compared to their peak in September'21. Is the hype over?
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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 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
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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.
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@aaron_arias maybe people just had too much extra money to gamble...
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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?
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@legonaidas you can't even sue such users in most cases.
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the world crisis is coming... it'd be more appropriate now to invest in oil... or agriculture...
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@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.
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.
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The NFT bubble has burst. Perhaps this is a signal for the cryptocurrency market.
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@igor_kyrylov my personal opinion is that the NFT bubble has burst, but the crypto might stay for years, with new ups and downs
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
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@jamie_green1 for gaming, collectionable items existed long before NFTs. Remember the Pokemon mania.
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