What really happens to NFT?

[Barikui1]

If am not mistaken, I know how NFT was booming in the crypto industry in the year 2022 their about, and considering all the hypes about it, I initially thought that by now, most NFT would be competing with most of these top crypto asset, but fast forward from that time to now, you can bearly hear of NFT in the crypto market, or is that they were over hyped, or it was just a means to make money then?
I don't really knows what happens to the NFT market but I am just curious to the stunt in growth of NFT and what really happens.

[Charles-Tim]

If am not mistaken, I know how NFT was booming in the crypto industry in the year 2022 their about,

2022 was a very bearish market and NFTs suffered at the time. You are referring to 2021.

most NFT would be competing with most of these top crypto asset

Which NFTs are that? They were not made to compete with fungible tokens.

NFTs time has gone is just what that is the fact. Although, there would still be some but it can not be like the 2021 when it was new. I always post at that time that NFTs are for the rich people just like those expensive artworks are for the rich people.

Aside that, NFTs are not worth it at all.

[tech30338]

I think the reason why nft hype came to an end in 2022 since lots of nft's even copies of another nft are flooding the market, for example the axie, due to spiking the number of axies in the market they don't know what to do and there is no solution and even use case after it, they just milk the market and make money out of it, even an nft worth millions are now just a dollar in price.

[DeathAngel]

NFTs were just a big passing craze. They don’t really solve anything do they, they have very limited (if any) utility. They were like the ICO craze of the 2017 bull market. Devs & VCs are usually the only people making money from these type of things. Normies buy the top phase & become exit liquidity, it’s not a new thing. I am really not surprised that NFTs are not popular any more.

[Hispo]

If am not mistaken, I know how NFT was booming in the crypto industry in the year 2022 their about, and considering all the hypes about it, I initially thought that by now, most NFT would be competing with most of these top crypto asset, but fast forward from that time to now, you can bearly hear of NFT in the crypto market, or is that they were over hyped, or it was just a means to make money then?
I don't really knows what happens to the NFT market but I am just curious to the stunt in growth of NFT and what really happens.

What happened is easily understandable, people over-estimated the use case and the value of NTFs and used for highly risky speculation instead for what it was supposed to be used. NTFs has good applications, thanks to the Blockchain they could have been used to prove ownership of anything in a decentralized way and interact with smart contracts to do exchange of ownership, those kind of things have real world applications. But Instead giving attention to those applications (which would have improved commerce and the sense of ownership in the world) developers came up with silly ideas like "Play-to-earn" and played with artificial scarcity of NTFs collections, just for people to speculate and try to get money out the pockets of others.
It was a clasical bubble we all witnessed, as it stands today NFTs continue to exist, but they are not even as important as they used to be.

Hopefully, since most of speculation is gone now, developers will focus on what actually do NFTs useful for society, instead of trying to sell ownership of a .jpg for hundreds of thousands of dollars.

[avikz]

If am not mistaken, I know how NFT was booming in the crypto industry in the year 2022 their about, and considering all the hypes about it, I initially thought that by now, most NFT would be competing with most of these top crypto asset, but fast forward from that time to now, you can bearly hear of NFT in the crypto market, or is that they were over hyped, or it was just a means to make money then?
I don't really knows what happens to the NFT market but I am just curious to the stunt in growth of NFT and what really happens.

People finally have started understanding that NFTs do not hold any real value. So whatever buzz it was able to create a couple of years back, is dead. People who have spent millions of dollars on a stupid looking monkey face, are facing financial losses.

The whole idea of NFT was stupid from the very beginning. Those who were able to ride the tide, made some money but most of the other people lost money. It was a form of pure gambling. I am glad that it's dead now.

[Orpichukwu]

Real things are hard to be copy pasted and whatever is as hard to be duplicated it because a thing that will hardly find it's way out of the space but for NFTS, you can agree with me that it had a lot of copy paste NFTs, I can't really point out one exactly but almost all the monkey NFTs are same things with different clothes without real world meaning all this lead to the crash and dismissal of NFTs.

Maybe one day they might find their way back to the space since they are not really all gone but for now I don't think NFTs are something anyone will want to put in there money for!

[passwordnow]

If am not mistaken, I know how NFT was booming in the crypto industry in the year 2022 their about, and considering all the hypes about it, I initially thought that by now, most NFT would be competing with most of these top crypto asset, but fast forward from that time to now, you can bearly hear of NFT in the crypto market, or is that they were over hyped, or it was just a means to make money then?

They were overhyped on that bull run, although 2022 mostly was the bear market and trends were over that period. It's true that NFTs have became a thing in the past and some still attempts to get people on board on it. Because recently, I've just seen someone advertised another NFT like a samurai robot but that's his job as an influencer but in my mind, this guy really tries to milk his followers in providing volume to these NFTs again until his liquidity exit comes.

I don't really knows what happens to the NFT market but I am just curious to the stunt in growth of NFT and what really happens.

They're simply overpriced images.

[uneng]

I don't really knows what happens to the NFT market but I am just curious to the stunt in growth of NFT and what really happens.

The hype has just ceased. There wasn't any real product behind NFTs, nothing useful at all, so eventually it was a matter of time until they completely died. It's not like main cryptocurrencies which face cycles of highs and lows. Take Bitcoin, for an example, sometimes we see the price crashing, but after a while, it starts pumping again, because investors see it as a valuable asset, which is useful on long run to be held.

On the other hand, the same can't be said regards NFTs. Developers promised to sell a worthy asset, which was unique and would work like Bitcoin along the time. But reality shows the opposite. NFTs worked like a ponzi, where early investors bought cheap, but late investors could never profit from this, since initial investors dumped their NFTs as soon as profit was possible to be made, remaining the late investors with priceless tokens on their wallets.

[coyhasmon]

I don't really knows what happens to the NFT market but I am just curious to the stunt in growth of NFT and what really happens.

The hype has just ceased. There wasn't any real product behind NFTs, nothing useful at all, so eventually it was a matter of time until they completely died. It's not like main cryptocurrencies which face cycles of highs and lows. Take Bitcoin, for an example, sometimes we see the price crashing, but after a while, it starts pumping again, because investors see it as a valuable asset, which is useful on long run to be held.

You are mistaken, don't write these lies. There are plenty of uses for NFTs and there are many real products using this technology. Just because you don't know about them that does not mean that they don't exist.

On the other hand, the same can't be said regards NFTs. Developers promised to sell a worthy asset, which was unique and would work like Bitcoin along the time. But reality shows the opposite. NFTs worked like a ponzi, where early investors bought cheap, but late investors could never profit from this, since initial investors dumped their NFTs as soon as profit was possible to be made, remaining the late investors with priceless tokens on their wallets.

This may be true of art NFTs, but is not true of NFTs in general.

[Barikui1]

If am not mistaken, I know how NFT was booming in the crypto industry in the year 2022 their about, and considering all the hypes about it, I initially thought that by now, most NFT would be competing with most of these top crypto asset, but fast forward from that time to now, you can bearly hear of NFT in the crypto market, or is that they were over hyped, or it was just a means to make money then?
I don't really knows what happens to the NFT market but I am just curious to the stunt in growth of NFT and what really happens.

The whole idea of NFT was stupid from the very beginning. Those who were able to ride the tide, made some money but most of the other people lost money. It was a form of pure gambling. I am glad that it's dead now.

No, I disagree with your statement I made bold in your write up here, I don't necessarily think the whole idea of NFT was stupid, the only problem I have with it then was that they were overpriced and over hyped, aside that they aren't that bad, and yes, you are actually right, most Investors gambled on it and they made a fortune while some loss a very huge amount of money just as the case of most meme coin today, but my feeling about it is that due to the fact that most investors has seen that it has no longer term potential like Bitcoin, they have decided not to risk their money any longer since they lives on hypes alone.

[hillerfiller]

I don't understand why NFTs aren't used as event tickets, it's really convenient

[Hispo]

I don't understand why NFTs aren't used as event tickets, it's really convenient

Perhaps it does not actually offer an advantage when they are compared to a centralized system of tickets which are already being used today. The only different thing we all would see with NFT as tickets would be those already used ones becoming collectibles in a decentralized Blockchain, like Ethereum, for example... so we would be talking about the same issue which led most of the NTFs to their downfall, their especulative nature.

This technology has actual use cases in the the world, when comes to proving ownership in a decentralized way, that is for sure, but people already see very convenient to rely their ownership on centralized registers and the laws of their countries, instead a Blockchain.

[coyhasmon]

I don't understand why NFTs aren't used as event tickets, it's really convenient

Perhaps it does not actually offer an advantage when they are compared to a centralized system of tickets which are already being used today. The only different thing we all would see with NFT as tickets would be those already used ones becoming collectibles in a decentralized Blockchain, like Ethereum, for example... so we would be talking about the same issue which led most of the NTFs to their downfall, their especulative nature.

This technology has actual use cases in the the world, when comes to proving ownership in a decentralized way, that is for sure, but people already see very convenient to rely their ownership on centralized registers and the laws of their countries, instead a Blockchain.

Perhaps instead of writing a post you could have done a Google search instead. There are many ticketing providers on several altcoin chains that use NFT technology, and these ticketing companies offer countless advantages over traditional centralized systems.  A further Google search could have yielded in information how the current ticketing systems are pretty much scams and hurt both event hosts and visitors.

[ahmedabubakarabbo]

NFT had their moment of crazy hype, but the hype died down. Prices crashed, scams scared people off and interest faded. Now they are still around but less hype.

[$crypto$]

NFTs were just a big passing craze. They don’t really solve anything do they, they have very limited (if any) utility. They were like the ICO craze of the 2017 bull market. Devs & VCs are usually the only people making money from these type of things. Normies buy the top phase & become exit liquidity, it’s not a new thing. I am really not surprised that NFTs are not popular any more.

Now that trend is gone --- NFTs are ephemeral and no real utility just a few influencers who used to buy tens of thousands of dollars are now the dregs.

Although now the NFT market is not lost and Opensea still provides the market still the enthusiasts are now probably few because it is not valuable anymore.

Some new projects still rely on NFTs but I wonder why no one can break through the hype anymore maybe the era is over.

[Lanatsa]

If am not mistaken, I know how NFT was booming in the crypto industry in the year 2022 their about, and considering all the hypes about it, I initially thought that by now, most NFT would be competing with most of these top crypto asset, but fast forward from that time to now, you can bearly hear of NFT in the crypto market, or is that they were over hyped, or it was just a means to make money then?
I don't really knows what happens to the NFT market but I am just curious to the stunt in growth of NFT and what really happens.

What happened is easily understandable, people over-estimated the use case and the value of NTFs and used for highly risky speculation instead for what it was supposed to be used. NTFs has good applications, thanks to the Blockchain they could have been used to prove ownership of anything in a decentralized way and interact with smart contracts to do exchange of ownership, those kind of things have real world applications. But Instead giving attention to those applications (which would have improved commerce and the sense of ownership in the world) developers came up with silly ideas like "Play-to-earn" and played with artificial scarcity of NTFs collections, just for people to speculate and try to get money out the pockets of others.
It was a clasical bubble we all witnessed, as it stands today NFTs continue to exist, but they are not even as important as they used to be.

Hopefully, since most of speculation is gone now, developers will focus on what actually do NFTs useful for society, instead of trying to sell ownership of a .jpg for hundreds of thousands of dollars.

Totally just that a pure hype or bubble and there are tons of investors who do end up on purchasing those shit pixelated images for millions of dollars but ending up now on having those worthless NFT's on which shows that the bubble had already that burst. Somewhat there are still some projects which do have that essence of NFT and still have some considerable or significant amount but still ending up on the same scenario or condition on which these value goes down into the floor or simply dies. I dont know on why there are still people who are that fond on dealing up with NFT's but ending up on losing up its value in the end of the day or when the time comes and they would be having those sayings that they shouldnt have that invested earlier on whereas, we are the ones who do make out decisions of our own. It is just that there are people who are that loving to take up some risks or diving in. NFT burst that bubble into that previous cycle and for those who had been dragged with the hype are the ones that suffering with those huge loses and to those who had been able to sell out their NFT's with those million of dollars wayback then thats indeed the wisest thing that they have done.

Actually my first impressions towards it on which into those images with having those ridiculous prices on which it do made out some questions into my mind on how the heck they would be having those kind of pricing if someone could easily make a new one and then post a price into it and crazy thing that there are those people who do buy with those with millions of amount on which it is that absurd. You would be having those questions in mind on where they do get those numbers. At the time the bubble burst then it do get left behind into those people who had dive in into the hype and now they've been holding some worthless piece of pixelated images and seeing their massive loses into it on which there's nothing we can do about it but to move on because if you do keep on looking back then you wont be able to move on or move forward.

[TastyChillySauce00]

It's just another short lived trend, as of now NFT still alive but it's not that alive either, most of NFT tanking so hard only very few retain its value more specifically are those high valued NFT worth tens of thousand dollars to hundred thousand dollars but even then they're also losing their value.

I mean what do you expect from just a digitalized jpeg with no utility whatsoever.

ERC20 can be used for governance, etc but these NFT is just a picture, even most of them are just generic.

[ndutndut]

It's just another short lived trend, as of now NFT still alive but it's not that alive either, most of NFT tanking so hard only very few retain its value more specifically are those high valued NFT worth tens of thousand dollars to hundred thousand dollars but even then they're also losing their value.

I mean what do you expect from just a digitalized jpeg with no utility whatsoever.

ERC20 can be used for governance, etc but these NFT is just a picture, even most of them are just generic.

The NFT market has declined drastically, perhaps even dead. Since the initial hype, many beginners have been lured by the profits, but many have since fallen victim, and some have even gone bankrupt. Even since I learned about NFTs, I've considered it incredibly foolish and pointless.

If anyone believes that now is the right time to buy NFTs, hoping they will boom again and their prices will rise again, my advice is to not place too much hope on these shady NFTs, and indeed, we should avoid this type of investment. Especially as you said, there's nothing to hope for from these digital JPEGs.

[Don Saga]

If am not mistaken, I know how NFT was booming in the crypto industry in the year 2022 their about, and considering all the hypes about it, I initially thought that by now, most NFT would be competing with most of these top crypto asset, but fast forward from that time to now, you can bearly hear of NFT in the crypto market, or is that they were over hyped, or it was just a means to make money then?
I don't really knows what happens to the NFT market but I am just curious to the stunt in growth of NFT and what really happens.

Please can I really know about this NFT & what made people to think that they were over hyped & later dropped down in terms of popularity?