-99% in 4 months – Are NFTs (still) dead?

You must bring a parachute if you like to get high – And from the height, the NFT I got it. Much. Too much perhaps, and too fast.

The NFT bubble, the term that means nothing

The term “bubble”, Internet bubble, Bitcoin bubble, NFT it is used, sometimes incorrectly, often incorrectly, very rarely correctly. As soon as something works well, during a decline (or a fall), the phrase on everyone’s lips is “the bubble has burst”.

It’s really like this? NFT (Token not fungible)? If we look at the figures, in fact, NTF’s sales are down. For example, Opensea: the current largest NFT selling platform, after a brilliant start in mid-2021, saw its numbers skyrocket until May 2022 and has plummeted since then. The platform goes for more than $ 400 million transactions, a 5000000 August 28.

Taking the gondola ends of the platform, viz Bored Ape Yacht Club And Cryptopunk we notice that the curve does not go in the right direction.

90 day BAYC price

The average price of a monkey 90 days and of 99ETversus 89 if we compare only the last 14 days. The base price is 77.7ET.

Same observation with the Cryptopunk.

90 day CP course

We fall from an average of 69.4 ET in the last 90 days, 38.5 ET in the last 14 days. Almost 50% reduction. The January sales do not cause such carnage.

But is this really the end of NFTs?

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You need to know how to step back

Yes, the announcement made and circulating on all networks is linked to OpenSea. While it remains the current market leader, it’s not the only platform out there.

So, are the competitors also interested? The answer is yes. rare, Solarart, Seems rareall sales and trading platforms are starting to cross the desert.
So the problem is everywhere. But what is it related to? Is it really a lack of interest in NFTs?

First, you have to keep in mind that NFTs are still something new, recent. And when something is new and works, then it is used everywhere, always. Is this current purge a bad thing when you see the number of NFT collections with dog heads, dead otters or monkeys copied to BAYC in circulation? Soulless, useless collections, destined only to bring money to their creators before leaving with the cash register?

Second thing to consider, the market! If we look at the bitcoin price within a year, observation is simple.

What if this is just the beginning for NFTs?

And even though NFTs are mostly sold in ETH (or WETH on other blockchains), don’t be fooled. When the Bitcoin cough, everyone has a fever! And where all the projects worked and sold a year ago in the midst of a bull run, when the market doubts, many leave their wives and children to walk away with little savings left.

So it really is the end of NFTs ? Without a doubt, the answer is no!

Is this the end of completely busted NFT with zombie rabbits? Perhaps ! And if so, so much the better. But the collections historicaleven if they decline, they will increase when the market recovers.

And keep in mind that we are aloneAt the beginning the use of NFTs. We have certainly only explored 3% of the possibilities offered by this technology. So patience! And let’s stop talking about a bubble every time the market goes down.

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