Are NFTs Still Relevant in This Market?

[HawkTrader]

Just yesterday, a BAYC holder sold his NFT (once worth $400k) for only $37k. In less than three weeks, BAYC’s floor price fell from 14.5 ETH to 9 ETH — a sign of how far the NFT hype has cooled. Yet, at the same time, Ethereum Foundation launched “The Torch” NFT to mark its 10th anniversary, showing there’s still interest from major players.

We’re also seeing shifts in the NFT narrative:

Collectibles: Pokemon cards are gaining traction as a crypto crossover.

Art Integration: Projects like LiveArt (ticker $ART) are merging traditional art with NFTs, drawing attention from collectors and degens alike.


The ecosystem seems to be evolving rather than dying. But the big question is: will NFTs surge again in this bull cycle, or are they destined to remain a niche market?

[passwordnow]

Just yesterday, a BAYC holder sold his NFT (once worth $400k) for only $37k.
[...] But the big question is: will NFTs surge again in this bull cycle, or are they destined to remain a niche market?

They will remain on their niche market and they're no longer going to move that much,. And that example of yours that have lost almost 90% of his total investment from that NFT, I don't think that people will still be interested on it. I also got some NFTs and I've got them quite expensive and now, they're all worthless. Before they drop down, I have not sold of them having this hope that they'll recover but I was wrong with that and they have never recover at all and now, I don't see any window of chance that they'll be back.

[Hispo]

It is likely to remain a niche market in the long term, it will not be the same widespread fever we saw a couple of years ago, when everyone was talking about it and there were millions of dollars being move each hour in volume on the most popular marketplaces on the crypto ecosystem, it is true it is a market which will continue to evolve and adapt, instead of die completely still I would not put any money on such a market with the hope of getting more than my initial investment. It is very speculative and volatile, even more than Bitcoin and staple coins like Ether and Litecoin. It is only intended for people who indeed have money to burn and forget about...

[TastyChillySauce00]

The only thing that keeps expensive NFT going is the airdrop from some random project where they are hoping to take them as their userbase.
Nowadays project are creating their own NFT and they just didn't give out free airdrop to those expensive NFT owner because they find out that most of them just sold their allocation right off the bat the second they received it.

Now instead of NFT dying, narrative changed and people are only buying NFT due to the benefit its carry, I'd expect the project related NFT gaining price increase before TGE right now.
But overall the NFT scene isn't lively anymore. I don't expect hype to come back again. It has become boring market.

[mich]

No I do not think the NFTs are even relevant right now in the crypto market. We did used to see them alot and there was famous people trying to sell you their NFTs.

But now it does look like it was all just a fad. Now it has gone away and more people are just buying and hodling crypto.

[Apocollapse]

NFTs already dead since few years ago, only fools believe in NFTs.

So many people creating a simple and effortless art, then list to NFTs marketplace, however the demand isn't as high as the supply, so it's full of people who want to sell their NFTs over people who want to buy NFTs.

[adultcrypto]

I have not been hearing much of NFTs, maybe the hype is no more there. Could it be that I'm the only person that did not buy even one NFT? I knew about it but it never interest me because the hype was much and it was not looking as valuable as the hype. This was the reason I did not fall for the hype and time have proven me right that NFTs are just digital photographs of various objects and animals. Those who lost money to NFTs are many and I really send my consolation to them.