Is NFT's hype over?

[bakasabo]

I have different vision. I think that NFT hype is over. Like every hype in crypto industry - it lasts for a year, maybe a bit longer maximum. Why do you think that hype isnt over? I see no loud articles in media about NFT, I see no scandals or scams connected with NFTs. People tried to restart NFT hype, when we had news that NFT now are on Bitcoin blockchain. This fact indeed worried a lot of people, as it made blockchain transactions cost more, but right now, one or two month has already passed and only few people remember about it.

The problem of NFTs was that it is easy to buy it, but it is hard to find a buyer. Now people have bought NFTs, and dont know how to sell it. They froze their money and have to wait and observe how values of their NFT go down (and yes, NFT prices went down heavily) or how inflation slowly kills their investment.

But do you see the hype coming back with the bullmarket? BAYC floor price is resting in a good support imho if someone believes that you can do TA on that.

Lack of liquidity is problematic for someone like me who likes to exit fast if necessary. But it isn't issue for actual collectors. When collectors IRL store actual physical stuff, they are not planning to flip it instantly, they wait for the right moment and right buyer. And they even have to store their goods physically, sometimes for years until right buyer comes along. So i see something like reddit NTF collectables as an actual investment.

I don't own any nfts at the moment but i've been looking for some good ones to get into. Prices start to get where i want them to.

I feel like we are about to enter real bull market, but I dont see that NFTs gonna have a significant place in that play. I expect that cryptocurrency market is going to be hit by another hype thing. We already got NTS, memes, metaverse, AI and etc. Something new gonna appear and cast shadow on everything that we had in the past. I always associate NFT with bored apes. They are still expensive, but not as expensive as they were in the beginning. With art, things should happen opposite, arts value must grow with time, but with apes, their value either stagnate or go down.

[masulum]

-snip-
Remember the bored ape NFTs, those were some overhyped stuff sold by hundreds or even millions of dollars for some of the other NFT artworks during the introduction of the NFTs in the market.
Again, I don't see it coming back up. But I do agree there are still NFT based projects that are still in business today.

Till now, I'm not understand where the value of them 
Well, same as other people predictions, NFTs may not going to be as hyped as before, even for NFTs that doesn't have a utility might just be abandoned. I think NFTs can have long-term value are game NFTs and NFTs that have strong artistic value, not just memes. Even games still need players, if the game fails and it's too easy to generate a new NFT, then I think it will also be easy to abandoned by their players for example MyDefiPet and Axie which are no longer popular.

[Rampagoe004]

I don't like NFTs because of the mountain of spam. And to this day I still can't find the essence of the NFTs themselves. As to what makes these NFTs valuable other than just because they offer exclusivity like the Apes project a while back.

I also see that the NFTs hype is coming to an end. People are starting to question what's the point of them buying an NFT? Honestly I used to see NFTs as a place where the super rich spend their money.

[onecall123]

I also see that the NFTs hype is coming to an end. People are starting to question what's the point of them buying an NFT? Honestly I used to see NFTs as a place where the super rich spend their money.

Justin Bieber spent more than $1.3 million on NFTs last year. Currently, the value of that NFTs is around $59,000. It says all.

The people who will make real profits are the ones who bought them at a low price before they became popular and sold them when the prices were high. Now NFTs become a joke to me, and it makes sense why their value is crashing. Junk items.

[fzkto]

I also see that the NFTs hype is coming to an end. People are starting to question what's the point of them buying an NFT? Honestly I used to see NFTs as a place where the super rich spend their money.

Justin Bieber spent more than $1.3 million on NFTs last year. Currently, the value of that NFTs is around $59,000. It says all.

The people who will make real profits are the ones who bought them at a low price before they became popular and sold them when the prices were high. Now NFTs become a joke to me, and it makes sense why their value is crashing. Junk items.

It is not a fact that someone was able to get very rich buying and selling the most expensive nft. Maybe it was fake buying and selling from themselves or lies on the sites where the collections were sold. Either way the hype has faded and nft's are no longer worth as much as they once were.

[Romeotom]

This is actually the history of crypto currency that hype in different categories comes in market at different times and investors enjoy it more at first and later they look for something new. If good projects run NFT then surely investors will accept it but if scams spread then NFT will not survive for long.

[nick_2017]

The hype surrounding NFTs has subsided to some extent compared to the peak of its popularity. However, NFTs continue to be a significant and evolving aspect of the digital asset space. While the initial frenzy may have calmed down, NFTs are still being actively traded and utilized in various industries, including art, collectibles, gaming, and more.

[Abiky]

I have different vision. I think that NFT hype is over. Like every hype in crypto industry - it lasts for a year, maybe a bit longer maximum. Why do you think that hype isnt over? I see no loud articles in media about NFT, I see no scandals or scams connected with NFTs. People tried to restart NFT hype, when we had news that NFT now are on Bitcoin blockchain. This fact indeed worried a lot of people, as it made blockchain transactions cost more, but right now, one or two month has already passed and only few people remember about it.

The problem of NFTs was that it is easy to buy it, but it is hard to find a buyer. Now people have bought NFTs, and dont know how to sell it. They froze their money and have to wait and observe how values of their NFT go down (and yes, NFT prices went down heavily) or how inflation slowly kills their investment.

NFTs have no real utility other than being purely-speculative assets. Only a small fraction are actually useful. It's hard to turn a profit with your NFT, especially when people quickly move on to the next big thing in crypto. I see NFTs as a passing trend meant to enrich those who get early into the game. Whales and NFT creators are the lucky ones, while the rest are left behind in the dust. The hype will revive itself once BTC turns bullish for an extended period of time.

I'm yet to see whenever existing NFTs will become a big hit by the time this happens. I wouldn't suggest you go all in NFTs to help avoid huge losses in the long run. Who knows what will be the next thing to take the crypto world by storm? Just my thoughts

[nutildah]

NFTs have no real utility other than being purely-speculative assets. Only a small fraction are actually useful. It's hard to turn a profit with your NFT, especially when people quickly move on to the next big thing in crypto. I see NFTs as a passing trend meant to enrich those who get early into the game. Whales and NFT creators are the lucky ones, while the rest are left behind in the dust. The hype will revive itself once BTC turns bullish for an extended period of time.

There's some truth to this -- most (probably 99.9%) of all NFTs will trend to zero. However, there's a few brands and types of NFTs that appeal to genuine collectors (not just speculators or flippers). They are people who view these NFTs as collectibles, stuff they want to own for a long time.

Now the vast majority of NFTs don't fit this category, but a lot of the ones that do are valued for being part of NFT history. They were made at a time before it was fashionable to do so, out of pure artistry or experimentation, and a lot of early NFT creators had no idea whether or not there would every be any profitability involved in their endeavor. Nowadays a lot of NFTs are pure cashgrabs and yes, those are the ones that will go to zero first, because they have zero appeal to actual collectors.

[Blitzboy]

I have different vision. I think that NFT hype is over. Like every hype in crypto industry - it lasts for a year, maybe a bit longer maximum. Why do you think that hype isnt over? I see no loud articles in media about NFT, I see no scandals or scams connected with NFTs. People tried to restart NFT hype, when we had news that NFT now are on Bitcoin blockchain. This fact indeed worried a lot of people, as it made blockchain transactions cost more, but right now, one or two month has already passed and only few people remember about it.

The problem of NFTs was that it is easy to buy it, but it is hard to find a buyer. Now people have bought NFTs, and dont know how to sell it. They froze their money and have to wait and observe how values of their NFT go down (and yes, NFT prices went down heavily) or how inflation slowly kills their investment.

NFTs have no real utility other than being purely-speculative assets. Only a small fraction are actually useful. It's hard to turn a profit with your NFT, especially when people quickly move on to the next big thing in crypto. I see NFTs as a passing trend meant to enrich those who get early into the game. Whales and NFT creators are the lucky ones, while the rest are left behind in the dust. The hype will revive itself once BTC turns bullish for an extended period of time.

I'm yet to see whenever existing NFTs will become a big hit by the time this happens. I wouldn't suggest you go all in NFTs to help avoid huge losses in the long run. Who knows what will be the next thing to take the crypto world by storm? Just my thoughts

NFTs have value based on ownership and origin, even if they are based on assumption. They made checking, finding, and proving digital differences easier. Speculation drives markets, not just NFTs. Bitcoin and altcoins are mostly dependent on guessing. Not going "all in" applies to all purchases, not only NFTs. NFTs may lead to more blockchain application in art, music, and real estate. NFTs may become more than a fad, however the future is uncertain

[Xal0lex]

The hype surrounding NFTs has subsided to some extent compared to the peak of its popularity.

Recently there was a micro hype on NFT on the Bitcoin network, but the scale of money flowing into this hype is of course extremely modest compared to what was happening in 2021 in ETH or 2022 in Solana.

However, NFTs continue to be a significant and evolving aspect of the digital asset space. While the initial frenzy may have calmed down, NFTs are still being actively traded and utilized in various industries, including art, collectibles, gaming, and more.

Without any adoption and utilitarian qualities, NFT will long be associated by the crypto community with scam and shitcoins that you should stay away from.

[yohananaomi]

NFTs hype are distracted by the market condition, but many are still coming that are willing to buy NFTs, its not that hyped anymore but there still a demand. If the NFTs project fails to attract new investors, then this might be the start of being over with NFTs. If you have some, better to continue monitoring so you can sell in time.

It seems that NFT is not as bright as it appeared at first, but now many people are starting to not believe it or start to leave because of the uncertainty of almost all NFT projects, in my opinion. But on the other hand, you are right that there is still speculation to continue buying and hoping for surprises. But it must be admitted that not as much as the start is it a sign that a project like this is no longer attractive and will not provide sufficient profit even in the long term.There will always be an awakening, and there will also be a gloomy period, which may be a sign that it will disappear. Everything is returned to the market, whether it is still attractive to investors.

[Mr. Magkaisa]

     -   I think he's not that loud now, NFT was loud when the play to earn games were trending, when the axie exploded. The cryptocurrency market is back to normal. Although there is still NFT and never gone.

Maybe it depends on whether a famous person will promote NFT again in the crypto space. Its noise can probably be revived, but if not, the hype is over.

[gurunanakji777]

I might not say that the hype has died down, because the market conditions aren't favorable. We should wait for a bull run before drawing any conclusions about whether there's demand in the NFT market. If I express my opinion, I'll simply state that NFTs have never appealed to me I lack confidence in NFTs and see no benefit in holding onto them. Nevertheless, many people are actively buying and selling them. Similar to the way numerous low-value cryptocurrencies are launched, the situation with NFTs is no different; there's no guarantee of stability or value increase by holding onto them. It's better to invest in Bitcoin or Ethereum at least we know they tend to rebound positively during a bull run, which isn't the case with NFTs.

[raidarksword]

Not yet over but more likely just staying around quietly because there are still NFTs been bought and sold in the market that's why it's not yet over. The market sentiments we have dictates the trend and hype of every projects, NFTs are not exempted of that. Nonetheless, NFTs will surely began to make a hype once we are entering the bull market seasons next year or two.

[o48o]

I don't like NFTs because of the mountain of spam. And to this day I still can't find the essence of the NFTs themselves. As to what makes these NFTs valuable other than just because they offer exclusivity like the Apes project a while back.

I also see that the NFTs hype is coming to an end. People are starting to question what's the point of them buying an NFT? Honestly I used to see NFTs as a place where the super rich spend their money.

There are 10 million holders of Reddit NFTs alone, and many of them own several nfts so they can combine them in their avatars. I already sold mine as i got several paid and free versions. So the volume of trading might be down but i am thinking this reminds me of dogecoin bear of 2015 when everyone thought it was over. When in fact we had seen nothing yet. Not only dogecoin made millionaires, but there were bunch of other meme tokens coming.

And some current nfts usecases actually have a good reason to exist. Like reddit nfts for example. Yeah, they are purely for fun, and decoration, but that's what's life is about.

[Abiky]

There's some truth to this -- most (probably 99.9%) of all NFTs will trend to zero. However, there's a few brands and types of NFTs that appeal to genuine collectors (not just speculators or flippers). They are people who view these NFTs as collectibles, stuff they want to own for a long time.

Now the vast majority of NFTs don't fit this category, but a lot of the ones that do are valued for being part of NFT history. They were made at a time before it was fashionable to do so, out of pure artistry or experimentation, and a lot of early NFT creators had no idea whether or not there would every be any profitability involved in their endeavor. Nowadays a lot of NFTs are pure cashgrabs and yes, those are the ones that will go to zero first, because they have zero appeal to actual collectors.

One would hope NFTs become more useful than speculative in the long run. With upcoming scalability upgrades on ETH, I'm certain the industry will mature at a very fast pace. Big names like Pringles, Coca-Cola, and even Mattel are getting into the NFT craze. These companies mean business. We may see a future where physical art, collectibles, and even certications/achievements/diplomas will all transition to the Blockchain. You combine NFTs and SBTs (Soulbound tokens) and the possibilities are endless. This will truly enable a digital era in the long term.

I'd say the NFT hype isn't over yet, but it's starting to fade away at a slow and steady pace. If you're smart, you'd take advantage of cheap market prices to snag prominent NFTs before they "explode". Who knows if we'll see more people getting rich out of NFTs over time? Just my thoughts

[bbc.reporter]

@Abiky. I very much agree. NFT's hype presently might be over, however, similar to altcoins, tokenization and DeFi, it is clearly not over for NFTs.

I speculate if gaming companies can find where they can collect much of their profit, NFTs in gaming might make a big recovery. However, only the new projects might takeover. The old play to earn games like Axie Infinity might not return to the 2021 all time highs we have witnessed.



Many traditional or “Web2” video game studios around the world are developing new games that leverage blockchain networks, cryptocurrency, and NFTs. Some of the game industry’s largest studios globally are exploring blockchain games, with appetites spanning across genres and platforms—from PC shooters to mobile games and multiplayer metaverse worlds.

And a majority of the game publishers on this list are headquartered in Asia, with just a few Western firms in the mix—a dominance that echoes DappRadar’s prediction that Asia could rule the Web3 gaming space.

Source https://decrypt.co/142527/from-square-enix-to-ubisoft-the-biggest-publishers-building-nft-games

[coindigitalcoin]

I think it's just the start, people got a taste of what NFTs were with the first generation centered around art but now we may start to see a new generation of NFTs that are built to be productized and incorporate all sorts of features and ideas built a top the first generation, ranging from 2earn concepts, commerative and travel (Trossard) tokens to shipping tracking, authentication (LYX) and even online digital identity.

[profgates]

I've discovered that there's always a period of less activity in the cryptocurrency industry. The period where we had several persons making a fortune selling NFTs are no longer in vogue, the interest of cryptocurrency enthusiast has shifted from NFTs to something else, as there's no more craze about keeping some NFTs which may materialize in the future.