Is the Nft hype-cyvle is over?

[sulendra12]

According to Alex Thorn, from Galaxy Digital, NFTs daily trading volume has continuously declined every day after the start of September. What does this all means? Is the NFTs hype- cycle is over?

His speculation only refers to this month, so it's not "enough" to classify the NFTs hype is over. Let's give it another month and see what would happen at that month.
The trading volume decreasing continuously could be because it's so easy the price to get manipulated by a single person and people knows how to abuse it, so buying NFTs and such would be an easy to way lose your money because it's not profitable for now, at least from what I am seeing.

[wissy]

Its not nearly over yet. People will loose interest only after/if we see a huge drop of crypto, right now, greed is still too strong. For god sakes, even Snoop Dog started his NTF sandbox game two days ago https://twitter.com/SnoopDogg/status/1441076327948316686 

[Eureka_07]

I've been following crypto this recent days and I am surprised about the amazing hype of NFTs, some of the NFTs are selling for unimaginable amounts of money, and many have become millionaire because they are being early or by being part of the minting process.

However, September has not been as wild.

According to Alex Thorn, from Galaxy Digital, NFTs daily trading volume has continuously declined every day after the start of September. What does this all means? Is the NFTs hype- cycle is over?

In the past years, the month of September for cryptocurrency has been rough, justl ike in Bitcoin, so maybe it is also happening and does happened to affect NFT too, just for this month. However, NFT will be here for long, and it will always be hyped over and over again. It is a great investment IMO, specially to those projects that you can earn their tokens in just doing some simple task or playing the game.

[bussybuddy]

The signals are that people's interest in the market is growing, perhaps profiting from that hype won't be a problem.
A lot of NFT projects have achieved amazing returns, and I think sometimes the FOMO is the exaggerated nature of the market at this stage.

The most important thing is to be able to take advantage of every moment and every opportunity that exists in the market so that the profit target can always be achieved under any conditions or in the cryptocurrency market, because no matter what happens, complaining about hype and fomo is not a good solution.

Of course, that's not difficult for those who have followed and accompanied it,
but I see here a lot of newbies who are complicating things themselves. Sometimes they don't understand how important it is to be patient with everything in this market, and I think everyone needs to trade something in order to get something in this market. With NFT, we should not evaluate them baselessly, when the potential has not been fully exploited, there are many other things.

[firesurfer]

NFT has its own value and usage environment. NFT projects are constantly being launched and valuable over time. The NFT market is entering a steady state instead of a hype, which in my opinion is good because hype can cause a crash and mess up the market.

[Emitdama]

I've been following crypto this recent days and I am surprised about the amazing hype of NFTs, some of the NFTs are selling for unimaginable amounts of money, and many have become millionaire because they are being early or by being part of the minting process.

However, September has not been as wild.

According to Alex Thorn, from Galaxy Digital, NFTs daily trading volume has continuously declined every day after the start of September. What does this all means? Is the NFTs hype- cycle is over?

That is a normal thing in this space. When a new idea comes in, a lot of people would like to buy it. It is automatically becomes a trend in the market, but as time goes on you will notice that the interest in this particular area has been declining. From ICO,decentralize finance, STO, etc.

It has always been like this for all of them. When it comes out newly is always a trend, but when a new one comes out it replaces the old one. now that NFT is losing its momentum in the market, a new trend might come up anytime soon. Let’s just wait and see.

[herurist]

The signals are that people's interest in the market is growing, perhaps profiting from that hype won't be a problem.
A lot of NFT projects have achieved amazing returns, and I think sometimes the FOMO is the exaggerated nature of the market at this stage.

The most important thing is to be able to take advantage of every moment and every opportunity that exists in the market so that the profit target can always be achieved under any conditions or in the cryptocurrency marke

but it requires instinct and precise timing, and maybe this can be done only for a few people who really understand when they take a position in crypto.
and the people who are sorry here are ordinary people who are still beginners and still don't know how to see potential and TA so they often use their intuition to guess the market.

because no matter what happens, complaining about the hype and fomo is not a good solution.

and I really agree with this because indeed because it will only add to your stress and without getting any benefits.
rather than complaining about it, it will be very useful when you try a little more to new things, for example developing research or maybe studying TA more deeply.

[Shallow]

Well, I would say the NFTs had a good trend but nowadays i don't seems to fathom how the trend is going, perhaps the trend or hype is slowing down on a daily basis, and if one is to watch the crypto space now, we can see that a lot of DeFi features and activities seems to be going on, in fact a lot of blockchain platforms are already building massively on DeFi and not only that, a lot of projects on several blockchains are already carrying out developments to offer one Defi services or the other. Therefore, I think I would say that the hype is gradually going back to DeFi and this time around, not just for specific blockchains like Ethereum or Bsc, but for a whole lot of other blockchains like Solana, Avax, Fantom and so on.
Lastly, one thing with trend is that, it is good to join on time and make the best out of it, those who joined NFT on time must have made their gains.

[flip4flop]

I wouldnt say that the NFT hype is over however, we will likely start to see these cash grab copycats start to peter out as the real projects start to gain more value. Much like all the ICOs of 2016-2018 people will get tired of all the anon projects and false claims of a pipeline. As long as you are putting money into solid projects and teams NFTs will likely have value for a long time.  There is still quite a bit of speculation involved in which ones those will be and how they can be used and implemented going forward but there will certainly be some long-term winners.

[OgNasty]

There is some innovation happening in the NFT space. The Apes had an interesting approach with derivative rights. Bitbones has some pretty cool sandbox development happening. BullsOnTheBlock are doing some cool stuff with their DAO and staking developments. It’s easy to write off NFTs as dumb images, but there’s a lot going on under the hood. I think NFTs are better suited as investment vehicles than most realize right now.

[GreatArkansas]

For me, NFT is still hot now.

I can say that basing on current top gas guzzlers on the Ethereum network now.
If you will check it on https://etherscan.io/gastracker, OpenSea is the rank 1, since OpenSea is an NFT platform. And it is one of the reasons why Ethereum transaction is still high right now, a lot of people participating with NFT, so for me, NFT will stay but hype, I don't know if it will stay forever.

[Fundamentals Of]

No, I guess September is not the beginning of the end of the NFT hype. It just so happened that September is never really that friendly to the crypto market. The month usually sees a drop in the prices. If you look at the charts, it is not just the NFTs that are going down. The whole crypto market is generally red this month. Expect that whatever happens to the wider market will reflect on NFTs as well. But come October and the final quarter of 2021, recovery will be seen.

[indo1]

But it remains popular to this day, one of the enduring trends. I'm not sure the NFT trend ended so quickly. Because currently the market is experiencing a correction even the market is being bear. We should look at the NFT trend at a time when market conditions are positive.

[Rahman11]

The NFT boom has gone bust — for now. An in-person NFT gallery in New York. Consumers' preferences, priorities, and values are reshaping industries. The digital artist Beeple shocked the world in March when he sold his collage “Everydays” at Christie's for $69 million as a nonfungible token (NFT).

[Jackl87]

I've been following crypto this recent days and I am surprised about the amazing hype of NFTs, some of the NFTs are selling for unimaginable amounts of money, and many have become millionaire because they are being early or by being part of the minting process.

However, September has not been as wild.

According to Alex Thorn, from Galaxy Digital, NFTs daily trading volume has continuously declined every day after the start of September. What does this all means? Is the NFTs hype- cycle is over?

In the end those NFT's also need a use-case because if you can do nothing with them why should you buy them. Of course a use case in this context is also that the NFT is rare and that it has value for collectors so that it maybe rises in prices if you are holding it for some time just like "real" art does too, but i don't think that this is the case for most of the NFT's that are minted at the moment because it seems to me that every project is releasing NFT's now even if it makes no sense.
So i think that NFT's are definitely here to stay and if the NFT's are good, like from a good artist or a big company and if they are rare, they will always sell and increase in price, but if they are not then why should someone buy them?

[Silberman]

Usually I judge if the trend is over and what is a new one just from this platform and new projects that appear at this moment. Talking about the current situation, I see that hype still continues. Maybe people trade less on NFT-marketplaces and make deals with digital pictures, but NFT-games and other NFT-projects still appear and are very popular with investors.

Since NFTs are different than fungible coins and each one is unique it is very difficult to see the price of those assets crashing the way we see crashes in regular coins like ethereum, the crashes on those coins are silent and you will not see this is the case until you try to sell your NFTs and people are only willing to pay 10% of what you paid, so I think you are looking at the wrong metric as I really think there is already a silent crash going on many NFTs.

[jhanson]

I definitely think the hype cycle is winding down, not necessarily over. Like the ICO phase, it’s seems like the market is priming for a new use case other than speculative art.

[pelumi20]

We cannot really conclude that the NFT hype cycle is over yet, but i am sure it would come to an end soon. Because all the several hype in the crypto market always have an end. Check out the likes of ICO, IEO, Defi, etc. They all started with huge hype, but the hype died off later.

[nimogsm]

The NFT boom has gone bust — for now. An in-person NFT gallery in New York. Consumers' preferences, priorities, and values are reshaping industries. The digital artist Beeple shocked the world in March when he sold his collage “Everydays” at Christie's for $69 million as a nonfungible token (NFT).

I think there will be no such large deals when they spend tens of millions of dollars on NFT. People are still interested in this phenomenon, but the deals are already an order of magnitude less and each new project wants to create its own NFT as well as other famous personalities, I think this will last half a year no more.

[Rabi3]

We cannot really conclude that the NFT hype cycle is over yet, but i am sure it would come to an end soon. Because all the several hype in the crypto market always have an end. Check out the likes of ICO, IEO, Defi, etc. They all started with huge hype, but the hype died off later.

I don't think it will end soon, we all hear a lot of news for celebs and big companies buying nfts and such, just like Twitter, recently they said that they are working on adding verified NFTs to Twitter accounts which definitely boost it again, and I am sure more bug news will come soon too, so the hype-cycle did not end yet.