What has become of the once-booming NFT market?

[UTON Blockchain]

In 2021 and 2022, NFTs (non-fungible tokens) became a global phenomenon, attracting countless investors and creators with the promise of digital ownership and lucrative profits.

However, the boom in the NFT market was so short-lived, and as the market frenzy faded, what happened to those who were left behind?

[franky1]

first mistake was defining some of these things as NFT's

there will be a future generation of tokens that meet the standards of NFT and the real market will happen, but the old gen crap were just scam stuff
those left holding old gen NFT are holding crap thats valueless, functionless, useless

there was a time in 2022-23 where victims ended up becoming scammers themselves by trying to re-sell their bag of crap onto someone else in full knowledge they were handling a bag of crap. but now people have wised up and dont want to come close to it

until the next gen NFT tokens are invented that come with utility function and value, the 'NFT' market will be like a ghost town with a occasional tourist season of gullible idiots thinking they are getting into some special thing but getting handed the old crap

[The Hidebehinder]

In 2021 and 2022, NFTs (non-fungible tokens) became a global phenomenon

Not global, it was a hype in the crypto world, highly exaggerated and driven by paychecks paid to celebrities by the issuers in order to trap newbies, if you put together all those claims you will see that despite the outrageous sums paid for some the total was disappointing, and this not counting a lot of fake auctions and selling prices.
That's why it died down so fast, there was simply no money to keep it running.

[The Sceptical Chymist]

However, the boom in the NFT market was so short-lived, and as the market frenzy faded, what happened to those who were left behind?

Dunno, OP.  You have any thoughts on this?  It'd be nice to have a thread starter giving some input instead of just posing a question.

*Sigh*  Whatever. 

first mistake was defining some of these things as NFT's
<snip>
until the next gen NFT tokens are invented that come with utility function and value, the 'NFT' market will be like a ghost town with a occasional tourist season of gullible idiots thinking they are getting into some special thing but getting handed the old crap

I'd say the first mistake was creating those idiotic things, whatever you want to call them.  A bunch of naive, ignorant young crypto-kiddies got caught up in something that resembled Pokemon card mania and managed to suck in a lot of suckers who got sucked dry.  The concept of NFTs never made sense to me as far as an asset class that could hold any value whatsoever, but during the boom there was far more money than brains.

Not sure there's going to be NFTs with anything resembling 'utility'.  I'm still waiting for a demonstration of what web3 brings to the world aside from politics and the usual case of the rich getting richer.  None of this is in the spirit of bitcoin, which is why I stood on the sidelines laughing at the retard parade.

[sunsilk]

In 2021 and 2022, NFTs (non-fungible tokens) became a global phenomenon, attracting countless investors and creators with the promise of digital ownership and lucrative profits.

However, the boom in the NFT market was so short-lived, and as the market frenzy faded, what happened to those who were left behind?

It's because a craze like that doesn't live long in the market. Or let's say that they live long in the market but the hype that they have lived on from the beginning won't last long.

Right now, the craze is different and we're having still the meme coins and the airdrops sequences that are coming out of different chains.

The requirements coming from kyc to investing and now from doing nothing to become eligible is something else. We always get something new from this market every cycle.

[Alpha Marine]

The concept of NFTs never made sense to me as far as an asset class that could hold any value whatsoever, but during the boom there was far more money than brains.

To me, the concept is not totally useless, but it could have done a whole lot better, except I'm giving it too much credit. The artworks in NFTs are anything, however insignificant. You don't even have to create the artwork yourself since it can be a picture, that's a very lame thing to do.
In the art world today, people invest in paintings and other forms of pictures. They buy it and somehow it may appreciate and they sell it at a profit, it's usually long-term. I would expect NFTs to be the same but in a digital way, but it was so disappointing.
NFT was something you knew would fail from the beginning. Even people who were in te market knew it would fail so they tried to make as much money as they could from it.

Not sure there's going to be NFTs with anything resembling 'utility'.  I'm still waiting for a demonstration of what web3 brings to the world aside from politics and the usual case of the rich getting richer.  None of this is in the spirit of bitcoin, which is why I stood on the sidelines laughing at the retard parade.

Just a few months ago whenever I logged into my Twitter I would see a new random celebrity promoting his meme coin and I would see a bunch of people buying those coins and expecting to make a profit from it. It was insane to me how they couldn't see what was going on. And there is no reasoning with people like that, you just have to let them suffer for it. I don't see it anymore so I believe most of them have learnt, but they celebrities have profited off their stupidity.

[avikz]

In 2021 and 2022, NFTs (non-fungible tokens) became a global phenomenon, attracting countless investors and creators with the promise of digital ownership and lucrative profits.

However, the boom in the NFT market was so short-lived, and as the market frenzy faded, what happened to those who were left behind?

NFT was a scam package which was beautifully branded under great marketing campaigns to create a hype. So it was a short lived marketing success if not anything else.

In NFT market, only the early adopters have made money, rest all lost money. I mean logically, who would buy a stupid looking monkey photo in the name of investment?

All this was done by clogging the ETH network pushing the gas price to an extraordinary high level. Thankfully the hype has died down now and I really hope it doesn't come back again under a different packaging!

[franky1]

I'd say the first mistake was creating those idiotic things, whatever you want to call them.  A bunch of naive, ignorant young crypto-kiddies got caught up in something that resembled Pokemon card mania and managed to suck in a lot of suckers who got sucked dry.  The concept of NFTs never made sense to me as far as an asset class that could hold any value whatsoever, but during the boom there was far more money than brains.

Not sure there's going to be NFTs with anything resembling 'utility'.  I'm still waiting for a demonstration of what web3 brings to the world aside from politics and the usual case of the rich getting richer.  None of this is in the spirit of bitcoin, which is why I stood on the sidelines laughing at the retard parade.

old gen tokens are not so much like pokemon cards, but more like ICO scams that are just premined and have a white paper but nothing more
they were not associated to any established brands(no loyal fanbase) nor where the token actually achieved anything but ownership of the worthless token, it entitled you to nothing, no member access, no goodybags, no discounts on branded products.. nothing..

however imagine a future utility where for instance instead of receiving junkmail in your email/home mail box, you instead received tokens on your published token address. this token offered you the voucher discount for goods the business was promoting. whereby if you have the token you get the discount(like some restaurants give a free cake if you show proof its your birthday). you can keep the token to re-use per season or resell it to someone else(like selling an ID of a certain date)
the business already offering discounts atleast saves on the advert costs(paper, postage/datamining social media) and people form their own resell market of electronic coupons/tickets

imagine it like having a digital concert ticket which after the concert then gives you special fan/membership privileges

imagine it like having a AR system like pokemon go where you walk around your town and local businesses pop up a token on your screen which you can collect as you walk the streets and if you collect X of them you can get a chicken bucket from KFC, people can then resell the tokens to someone that really loves chicken

other things whereby you are in a game and collect hidden weapons in a shoot-em-up's which you then trade with other players

imagine as many possibilities as you can think of

[DeathAngel]

NFTs were doomed to fail in my opinion. They were a speculative investment but in reality they offer no utility, it’s just immature. What purpose do NFTs serve? I suppose you could classify them as art but in reality they were a pump & dump scheme by their founders/creators. A rather successful one in many cases I must add but still a pump & dump scam. I see no future for them in the world of finance.

[summonerrk]

In 2021 and 2022, NFTs (non-fungible tokens) became a global phenomenon, attracting countless investors and creators with the promise of digital ownership and lucrative profits.

However, the boom in the NFT market was so short-lived, and as the market frenzy faded, what happened to those who were left behind?

I have read many news that NFT is losing popularity. A falling chart for a year of NFT queries in Google Trends was given. However, at conferences, NFTs are still used by new projects for promotion, for example, NFT holders will receive more tokens, etc. And I have heard this from many influencers, so it is too early to talk about the death of NFTs.

[Kelward]

In 2021 and 2022, NFTs (non-fungible tokens) became a global phenomenon

Not global, it was a hype in the crypto world, highly exaggerated and driven by paychecks paid to celebrities by the issuers in order to trap newbies, if you put together all those claims you will see that despite the outrageous sums paid for some the total was disappointing, and this not counting a lot of fake auctions and selling prices.
That's why it died down so fast, there was simply no money to keep it running.

I'm not surprised that the NFT hype has drastically deflated, I never saw the future of it in the crypto market. The arts are what you can easily see and identity with so why pay outrageous amounts to own them, except for the money bags who're looking for where to spend their money. I think that one of the reasons that NFT failed so fast was because it's hype was highly exergerating and in the end there wasn't any drastic innovations to keep them relevant. Nothing is impossible and maybe the creators of NFTs can become innovative and redirect people's interests again but it's very unlikely.

[Crypt0Gore]

Having useful NFTS are cool if they have good usefulness but the value per NFT isn't worth it for me on the long run, it is like a waste of money, even the value of so many good altcoin don't tank like NFTs did. It was a disaster.

Metaverse could being back NFT but I doubt it will be crazy as the past, I am counting on gaming though, as NFT could still be cool with gaming projects if done right, but count me out, I will never spend my hard earned money on any NFT even if they are the new talk of the town.

[libert19]

It was boom just like current BRC-20 tokens and memecoins craze, these little frenzies come and go, I'm glad I got rid of some of my NFTs during that time, because right now they are worth very little or no one wants to purchase them.

old gen tokens are not so much like pokemon cards, but more like ICO scams that are just premined and have a white paper but nothing more
they were not associated to any established brands(no loyal fanbase) nor where the token actually achieved anything but ownership of the worthless token, it entitled you to nothing, no member access, no goodybags, no discounts on branded products.. nothing..

That's actually untrue, now don't ask me exact details, but if you were to hold certain project NFTs they did entitle you to token gated channels on discord, and I remember the other case where if you held hoodie nft of some brand (it was popular one, I don't remember name), you could redeem it for real hoodie.

It deffo had it's use, I don't think this NFT frenzy was completely useless.

[passwordnow]

Having useful NFTS are cool if they have good usefulness but the value per NFT isn't worth it for me on the long run, it is like a waste of money, even the value of so many good altcoin don't tank like NFTs did. It was a disaster.

I have seen a couple of projects from random people that they were able to benefit from the NFTs that they've purchased. And that's through having a distribution of airdrop from the chain that they've bought that NFT. I think it's a certain gamble for those people that have bought NFTs before but luckily, they're able to maximize their profit from it.

Metaverse could being back NFT but I doubt it will be crazy as the past, I am counting on gaming though, as NFT could still be cool with gaming projects if done right, but count me out, I will never spend my hard earned money on any NFT even if they are the new talk of the town.

The hype was gone but they're not gone completely. The projects will continue and I guess that the real believers of those NFTs and metaverse are going to stay. IMHO, that's a blessing in disguise for those projects because they're able to filter the real people that are truly interested on their projects.

[Qiubell5]

The price of some NFTs in 2022 was really unbelievable and I can't accept that people will pay more than thousands of dollars just for a simple NFT.

At first, NFTs were introduced as a way to create special art, but as time passed, this market turned into a scam. As a result, people seem to be disregarding the potentially aimless future of NFTs. Instead, they are imagining scenarios where not owning a certain NFT could lead to losing millions of dollars in the future.

from all that it is difficult to rise at least NFT still has value left, and all that shows in general everything can happen just like that, unexpected now having a very low market capitalization,from all of that feels difficult to rise again.

[betswift]

The price of some NFTs in 2022 was really unbelievable and I can't accept that people will pay more than thousands of dollars just for a simple NFT.

At first, NFTs were introduced as a way to create special art, but as time passed, this market turned into a scam. As a result, people seem to be disregarding the potentially aimless future of NFTs. Instead, they are imagining scenarios where not owning a certain NFT could lead to losing millions of dollars in the future.

from all that it is difficult to rise at least NFT still has value left, and all that shows in general everything can happen just like that, unexpected now having a very low market capitalization,from all of that feels difficult to rise again.

NFTs became the cards to collect, sorta Their price just follows the trend and if some people find the collection / or one piece of it worthy. It's needless to say that NFTs marketplaces are like crypto Louvre's of sorts, take Mallow, for example.

[o48o]

NFTs were doomed to fail in my opinion. They were a speculative investment but in reality they offer no utility, it’s just immature. What purpose do NFTs serve? I suppose you could classify them as art but in reality they were a pump & dump scheme by their founders/creators. A rather successful one in many cases I must add but still a pump & dump scam. I see no future for them in the world of finance.

I would say that nfts offer at least as much utility As most generic shitcoins out there. They might not have high liquidity, but rare collectables rarely have. And when you fragment those collectables there's probably more liquidity, as not everyone wants to put in buy orders for whole nft if it's expensive. And like i have pointed out in the past, nfts are being used to represent liquidity pools in uniswap 3, so that tech actually fuels the current token trading in uniswap. In that case they just aren't being traded with pics linked to them.

NFTs are a ridiculous business and over hyped, but so are almost all the fungible cryptos out there. Even those that have an "use case", that is often some meta utility like trading or using it to send other and trade other cryptos and voting, that only applies to that token development or distribution.