The rise and fall of NFTs.

[Tom Ronald]

I still recall the NFT hype of few years ago. It was the most popular form of digital art then, thought it will stand the test of time probably 10 years but unfortunately today NFTs have not only faded, it has lost value. Few years ago when NFTs were making headlines, people bought them at ridiculous prices hoping to get rich quick on the long run. At some point it was sold at fund raising events which was cool.

I still recall when the internet when Justin Sun bought a banana-on-a-wall art piece for $6.2million, in his case he didn’t buy it for profit he said he bought it because the piece represented a cultural phenomenon that bridges art and the crypto community. But presently i think it’s safe NFTs don’t stand a chance to go mainstream anymore, even though they were seen as a key part of Web3 ecosystem then, it doesn’t hold no real utility to make it significant now.

I wonder if OpenSea and Doodles still generate enough revenue from NFTs anymore because now everyone cares more about AI, ChatGPT than NFTs.

[Yaunfitda]

I still recall the NFT hype of few years ago. It was the most popular form of digital art then, thought it will stand the test of time probably 10 years but unfortunately today NFTs have not only faded, it has lost value. Few years ago when NFTs were making headlines, people bought them at ridiculous prices hoping to get rich quick on the long run. At some point it was sold at fund raising events which was cool.

I still recall when the internet when Justin Sun bought a banana-on-a-wall art piece for $6.2million, in his case he didn’t buy it for profit he said he bought it because the piece represented a cultural phenomenon that bridges art and the crypto community. But presently i think it’s safe NFTs don’t stand a chance to go mainstream anymore, even though they were seen as a key part of Web3 ecosystem then, it doesn’t hold no real utility to make it significant now.

I wonder if OpenSea and Doodles still generate enough revenue from NFTs anymore because now everyone cares more about AI, ChatGPT than NFTs.

Not sure how long have you been here in the market, but usually every cycle, we have this hype project that will come along and will really be hot and make a lot of money specially for early investors or who knows how to play the game. Just like it's predecessors of play to earn or tap to earn hype, late last year it was that hype with Notcoin but then it just disappeared. If no one is making money on NFT now, then for sure it's just a matter of time before OpenSea will have to close it's door for losing a lot of money. But hopefully those early adopters might have made a lot of money from the craze NFT and then invest wisely again. So let this be a lesson as for sure there will be another hype next cycle and we should know the drill by now.

[Dr.Bitcoin_Strange]

People are not yet done with the volatility (pump and dump) of altcoins talk more of NFT. The trend was very much serious the year it first got introduced, after which, it's just a very few people that are paying attention to it. If it was really profitable, then the trend will not die off.

[hyudien]

I still recall the NFT hype of few years ago. It was the most popular form of digital art then, thought it will stand the test of time probably 10 years but unfortunately today NFTs have not only faded, it has lost value. Few years ago when NFTs were making headlines, people bought them at ridiculous prices hoping to get rich quick on the long run. At some point it was sold at fund raising events which was cool.

I still recall when the internet when Justin Sun bought a banana-on-a-wall art piece for $6.2million, in his case he didn’t buy it for profit he said he bought it because the piece represented a cultural phenomenon that bridges art and the crypto community. But presently i think it’s safe NFTs don’t stand a chance to go mainstream anymore, even though they were seen as a key part of Web3 ecosystem then, it doesn’t hold no real utility to make it significant now.

I wonder if OpenSea and Doodles still generate enough revenue from NFTs anymore because now everyone cares more about AI, ChatGPT than NFTs.

NFT market statistics based on DappRadar show a decline and this is in line with the fact that NFT is not actually moving in a positive direction. Its peak was only in 2022 and after that there was no more sensation at all. Artworks in images are getting easier to create, AI technology will provide everything but that is also the point where the NFT market will collapse, because there are no more privileges. Anyone, even beginners can easily mint NFTs, just a pile of useless garbage in the current era.

[o48o]

-cut-
I wonder if OpenSea and Doodles still generate enough revenue from NFTs anymore because now everyone cares more about AI, ChatGPT than NFTs.

How these are in any way excluding each other? And NFTs are fungible tokens while AI has nothing to do with cryptocurrencies.

And NFT isn't "form of art" more then museums are form of art. NFT is platform for tokenization, and those tokens can be connected to anything. Pictures are just most low effort way to get and easier to market. And kicker is that you don't get to own the art, and in most cases it can be stolen in the first place, or made by AI. you just own the nft connected to the picture.

[kotajikikox]

I still recall the NFT hype of few years ago. It was the most popular form of digital art then,

I mean what other digital art there is that allows you to have ownership? NFTs did pave the way for digital art no matter how it ended up being like.

I wonder if OpenSea and Doodles still generate enough revenue from NFTs anymore because now everyone cares more about AI, ChatGPT than NFTs.

Well, I mean AI seems to be a lot more useful anyway. I think one of the reasons why NFTs failed is the lack of use case for it. Yes, art doesn’t need to be useful but it’s hard to find value when it’s digital art specifically.

[JeromeTash]

You were still new in the space. For you who went through the ICO hype knew that the NFT hype would die right before the next bull run and it happened. We have seen ICO, STOs, IEOs, DeFi's and Now NFTs come and go and this indicates only one thing. The market is driven by hype and speculations and each wave that comes, comes a new form of hype. You just have to be ready for the next wave which could happen so or in the next few years.

[TastyChillySauce00]

I wonder if OpenSea and Doodles still generate enough revenue from NFTs anymore because now everyone cares more about AI, ChatGPT than NFTs.

I'm pretty sure they still generate quite the revenue though not as much as it was back then but there are plenty of NFT with high trading volume, mainly those NFT like kaito and so on where just holding the NFT can get you an airdrop and therefore people are buying it.
But it's definitely just stagnating, despite the market for crypto entering another phase of bullrun, the NFT just stuck revenue also didn't move up that far it seems.

[Mayor of ogba]

It is surprising to see how nobody is hyping NFT or promoting NFT on social media these days compared to how the internet was flooded with NFTs when they were first introduced into the crypto world. With the high market demand for NFTs, so many creators made a lot of money from NFT, which made people believe NFT was the new face of crypto. Well, I am not too surprised that the hype for NFT has been reduced because there was a time in the crypto world when ICO were also hyped, but now nobody talks about ICOs anymore; everything has its own time as far as the crypto world is concerned.

[dumpsterhawk]

The main problem of that failure is that people have used NFTs for the wrong purposes. The technology behind NFTs has many potential applications, and digital art is not the intended avenue and it does not even bring any benefits to that.

I wonder if OpenSea and Doodles still generate enough revenue from NFTs anymore because now everyone cares more about AI, ChatGPT than NFTs.

I'm pretty sure they still generate quite the revenue though not as much as it was back then but there are plenty of NFT with high trading volume, mainly those NFT like kaito and so on where just holding the NFT can get you an airdrop and therefore people are buying it.
But it's definitely just stagnating, despite the market for crypto entering another phase of bullrun, the NFT just stuck revenue also didn't move up that far it seems.

If 99% of the projects are dead or dying, you don't refer to the remainder as there being plenty of projects that are doing good.

You were still new in the space. For you who went through the ICO hype knew that the NFT hype would die right before the next bull run and it happened. We have seen ICO, STOs, IEOs, DeFi's and Now NFTs come and go and this indicates only one thing. The market is driven by hype and speculations and each wave that comes, comes a new form of hype. You just have to be ready for the next wave which could happen so or in the next few years.

Memes were the last one, I wonder what the next trend is going to be.

[asriloni]

I wonder if OpenSea and Doodles still generate enough revenue from NFTs anymore because now everyone cares more about AI, ChatGPT than NFTs.

As long as there will always be people who trade on OpenSea and Doods NFT. They willl always get the revenue anytime. Their revenue mainly came from the tax fees from opensea traders. I got charged opensea fees + creator tax when i trade doods NFTs, and it's applicable in any trade.

If you're wondering whether they still generate revenue, yes they are. This based on my experience as i'm actively using opensea.

[passwordnow]

I wonder if OpenSea and Doodles still generate enough revenue from NFTs anymore because now everyone cares more about AI, ChatGPT than NFTs.

There is still if they're a marketplace but it is no longer the same as before because they've got lesser customers and commissions now from the community. The demand before was so much and now, they've lessened it already because many of these NFTs have become a total scam. The organizations that have also their NFTs have some incentives to their holders, if many of them just did this until now and sustained the economy of their projects. I guess that many are still holding on to it and they're still existing strongly.

[nelson4lov]

NFTs only did well because people thought digital art will be a big deal in the future but here we are a couple of years later and people still prefer hard, physical art than the digital ones. Afaik, no one really care much about the fact that it's digital and being live on the blockchain.

I wasn't intrigued by NFTs and still not interested in them because bad actors took advantage of the space and did a shit ton of NFT mints that no one cares about.

[TastyChillySauce00]

If 99% of the projects are dead or dying, you don't refer to the remainder as there being plenty of projects that are doing good.

Well truth is NFT project come and go and short lived just like meme and everybody is deploying it.
So it's always gonna be 99% of projects are dying even when it was at peak hype.
Although I agree, NFT market doesn't seem that good anymore, pretty much a dying market but NFT on its own is still very utilized technology.

[dumpsterhawk]

NFTs only did well because people thought digital art will be a big deal in the future but here we are a couple of years later and people still prefer hard, physical art than the digital ones. Afaik, no one really care much about the fact that it's digital and being live on the blockchain.

I wasn't intrigued by NFTs and still not interested in them because bad actors took advantage of the space and did a shit ton of NFT mints that no one cares about.

There is still good and relevant art, but it is overshadowed by the quantity of NFTs that are out there. Like I keep saying in this thread, look up real uses of NFTs and not art and you will be amazed at what the technology can do.

If 99% of the projects are dead or dying, you don't refer to the remainder as there being plenty of projects that are doing good.

Well truth is NFT project come and go and short lived just like meme and everybody is deploying it.
So it's always gonna be 99% of projects are dying even when it was at peak hype.
Although I agree, NFT market doesn't seem that good anymore, pretty much a dying market but NFT on its own is still very utilized technology.

The market is in a horrible state because the majority of NFT issuers and buyers misunderstood the purpose of the technology, it was not about creating art. It can be used for very good things such as fractional ownership of assets, or in game collectible items. That way you can verify the quantities issued and don't have to trust the developers or owners to not cheat with issuing rare items. There are many other examples.

[Taskford]

If 99% of the projects are dead or dying, you don't refer to the remainder as there being plenty of projects that are doing good.

Well truth is NFT project come and go and short lived just like meme and everybody is deploying it.
So it's always gonna be 99% of projects are dying even when it was at peak hype.
Although I agree, NFT market doesn't seem that good anymore, pretty much a dying market but NFT on its own is still very utilized technology.

Most of them don't have utility that's why somehow its expected to see them fall badly the same as what we see on majority of NFT's out there. That's the reason why I didn't bother to think about investing on it especially that I have bad feeling that most of those project will not last long.

NFT market is questionable that's why I don't have good trust on any projects out there. People better buy Bitcoin directly rather than think about investing on a questionable project which have huge chance that it will just turn as scam.

[avikz]

I still recall the NFT hype of few years ago. It was the most popular form of digital art then, thought it will stand the test of time probably 10 years but unfortunately today NFTs have not only faded, it has lost value. Few years ago when NFTs were making headlines, people bought them at ridiculous prices hoping to get rich quick on the long run. At some point it was sold at fund raising events which was cool.

I still recall when the internet when Justin Sun bought a banana-on-a-wall art piece for $6.2million, in his case he didn’t buy it for profit he said he bought it because the piece represented a cultural phenomenon that bridges art and the crypto community. But presently i think it’s safe NFTs don’t stand a chance to go mainstream anymore, even though they were seen as a key part of Web3 ecosystem then, it doesn’t hold no real utility to make it significant now.

I wonder if OpenSea and Doodles still generate enough revenue from NFTs anymore because now everyone cares more about AI, ChatGPT than NFTs.

I am really glad that, NFT market and hype both have died down. It was a pure form of scam and nothing else. Also it had become a playground of the money laundering cartels. So I hope it never comes back in its former glory.

Right now, anyone can flood the market with NFT and list them for free. A digital image cannot create real value. I am happy that finally people have started understanding it and staying away from it.

[Abiky]

I still recall the NFT hype of few years ago. It was the most popular form of digital art then, thought it will stand the test of time probably 10 years but unfortunately today NFTs have not only faded, it has lost value. Few years ago when NFTs were making headlines, people bought them at ridiculous prices hoping to get rich quick on the long run. At some point it was sold at fund raising events which was cool.

I still recall when the internet when Justin Sun bought a banana-on-a-wall art piece for $6.2million, in his case he didn’t buy it for profit he said he bought it because the piece represented a cultural phenomenon that bridges art and the crypto community. But presently i think it’s safe NFTs don’t stand a chance to go mainstream anymore, even though they were seen as a key part of Web3 ecosystem then, it doesn’t hold no real utility to make it significant now.

I wonder if OpenSea and Doodles still generate enough revenue from NFTs anymore because now everyone cares more about AI, ChatGPT than NFTs.

Yes. Interest in NFTs has declined considerably over the years. People are more interested in centralized "shitcoins", "meme" coins, and AI-based tokens. With NFTs never having real use cases other than being pure copy-and-paste images from the web, I don't expect things to change anytime soon.

A pity, because NFTs had potential to revolutionize the collectibles industry. We would've lived in a future where everything you "own" is stored digitally on the Blockchain with an immutable record of "Proof of Ownership". And now with RWAs (Real World Assets) becoming the next big thing, NFTs are history. If you still hold an NFT, it might be a good time to get rid of it before it's too late. You'll thank me later.

[dumpsterhawk]

I am really glad that, NFT market and hype both have died down. It was a pure form of scam and nothing else. Also it had become a playground of the money laundering cartels. So I hope it never comes back in its former glory.

You can still use it for money laundering, you don't need even need any users to participate but obviously it is better if they do. You can do the same with tokens. I wonder if this was one of the reasons why we saw so many of both things being created in recent times?

Right now, anyone can flood the market with NFT and list them for free. A digital image cannot create real value. I am happy that finally people have started understanding it and staying away from it.

This is wrong. A digital image can create real value. Just because you don't value it, that doesn't mean someone else doesn't. Just because you can create a copy of the picture, you still do not own the NFT. You can't copy the NFT, no matter what you do. It would be like saying that you can copy dogecoin by making another chain with the same name and picture and then give yourself coins. You have coins called dogecoin in that case, but they are not the real thing. 

[Abiky]

This is wrong. A digital image can create real value. Just because you don't value it, that doesn't mean someone else doesn't. Just because you can create a copy of the picture, you still do not own the NFT. You can't copy the NFT, no matter what you do. It would be like saying that you can copy dogecoin by making another chain with the same name and picture and then give yourself coins. You have coins called dogecoin in that case, but they are not the real thing. 

Not if it's an image obtained from the Web. I mean, "copy and paste" JPEGs which are submitted by anyone as a "unique NFT" on the Blockchain. Real value comes from creative digital art or unique masterpieces not found anywhere else. NFTs with limited releases (supply) meeting such criteria, would surely become valuable in the long term.

Despite NFTs' potential to transform the collectibles industry, the hype is quickly fading away as people move on to the next big thing. These days it's all about "meme" coins, AI-based tokens, and "shitcoins" (like XRP). The market is so speculative these days, that any "garbage" can quickly gain traction and make a few early holders rich in the process. Utility-driven projects often see a chance for success (except Bitcoin). I hope things change in the future and trends like NFTs and ICOs make a comeback. Crypto land is full of surprises, so expect the unexpected.