The NFT market is far from dead

Finley_dz
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The NFT market is far from dead

Top NFT marketplaces have surpassed US$40 billion in all-time sales, a stunning number amid all the bad press about the industry. But at the same time, investments in the U.S. creator economy have declined 60% since last year.

To make an objective decision on who to believe, it’s critical to understand where data is coming from when statistics are quoted. Because in short, the NFT market hasn’t faded quite yet, despite what alarmists are claiming.

I remember NFTs have often faced criticism, particularly after the latest crash spurred headlines in publications like Fortune and Bloomberg about the industry’s demise. Although at one point, the trading volume on the top NFT marketplace OpenSea was down a whopping 99% from its peak in May, many collections have still managed to sell out.

I don't understand people who refuse to understand NFTs, not all NFTs are made equal. As with any nascent technology, some use cases see more demand than others, which shapes the subsequent implementations further down the road. In the case of NFTs, users seem to show at best limited interest in art with no extra features on top of it.

Blockchain technology is being used in a variety of ways in the gaming industry, such as NFTs, Play & Earn, virtual events, and tournaments, of which WAM has a plethora. They're pretty exciting and the blockchain gaming industry has been quietly simmering for the past couple of year

What is your fav use of NFTs?

If you ask me the NFT market is far from dead, and its current downturn is due to socioeconomic factors rather than a decline in collector interest. Moving forward, however, NFTs that provide real value and utility will be the ones to weather the market's ups and downs.