NFT: Is the bubble bursting? Answer with shocking numbers!

So when NFTs started getting attention, people rushed into action to ride the wave. Beeple sold an NFT for $ 69.3 million and since then other NFTs such as Bored Apes and CryptoPunks have sold for millions of dollars.

However, the value of NFTs is falling even faster than that of cryptocurrencies, leading some to wonder if the NFT era is over. But before you jump to conclusions, here’s what you need to know.

The current state of the NFT market

#NFT 📉 The current market is in a bearish phase. The NFT bubble lasted from mid-2021 to early 2022. What do you think the blue chips will be in the next cycle? #NFT # web3

Right now, the NFT market is gloomy to say the least. NFTs became popular in 2021, with a capitalization of over $ 40 billion that year, and the market is expected to reach $ 122.43 billion in 2028. Today, however, NFTs barely generate revenue due to oversaturation and of a general decline in cryptocurrency prices.

Leading NFT market, OpenSea, for example, had a trading volume of $ 2.7 billion on May 1. However, as of August 28, the market had a trading volume of $ 9.34 million, according to DappRadar.

Since many owners of Bored Ape Yacht Club (BAYC) and CryptoPunks NFT have used them to take out ETH loans, the BendDAO lending platform is expected to liquidate up to $ 55 million in NFT to recover its loans. If that happens, NFT holders could start selling.

Bright side…

This could eliminate low quality NFTs, which is a must. The NFT market is truly saturated with content as anyone can create and publish an NFT for sale. Furthermore, NFTs have been hit by rampant fraud and the markets have been severely hacked.

[THREAD] THE NEXT NFT TREND? Hello to all the curious ✅ It has been several months now that my interest in #NFT has progressively diminished. The projects are always the same, without real innovations, the WPs are often unclear or non-existent, and the

The current slowdown is an opportunity for NFT markets to filter out low quality NFTs and publish only the best work. Furthermore, past hacks could highlight weaknesses that should be addressed to create a safer environment.

Ultimately, it is impossible to know what will happen to the NFTs, but it is still too early to speculate on the bursting of the NFT bubble.

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