Is NFT's hype over? | Bitcointalksearch.org

Venik

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Quote from: AakZaki on August 09, 2023, 01:30:41 PM

Quote from: raidarksword on August 07, 2023, 08:17:49 AM

Not yet over but more likely just staying around quietly because there are still NFTs been bought and sold in the market that's why it's not yet over. The market sentiments we have dictates the trend and hype of every projects, NFTs are not exempted of that. Nonetheless, NFTs will surely began to make a hype once we are entering the bull market seasons next year or two.

But I'm not sure, there's only a slight chance for the NFT hype to return to its original state. Many of the NFT owners sell their NFTs at a low price. The NFT hype is over and replaced with the memecoin and other altcoin hype. The bullrun season still seems to be focused on Bitcoin and some potential altcoins. For NFTs, maybe only a few are starting to rise, but that doesn't guarantee to reach the top price again.

I hope it won't come. NFT space is pointless and it seems like there are more scamming in this space than in any other crypto market.

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Quote from: raidarksword on August 07, 2023, 08:17:49 AM

Not yet over but more likely just staying around quietly because there are still NFTs been bought and sold in the market that's why it's not yet over. The market sentiments we have dictates the trend and hype of every projects, NFTs are not exempted of that. Nonetheless, NFTs will surely began to make a hype once we are entering the bull market seasons next year or two.

But I'm not sure, there's only a slight chance for the NFT hype to return to its original state. Many of the NFT owners sell their NFTs at a low price. The NFT hype is over and replaced with the memecoin and other altcoin hype. The bullrun season still seems to be focused on Bitcoin and some potential altcoins. For NFTs, maybe only a few are starting to rise, but that doesn't guarantee to reach the top price again.

dlightag

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The cryptocurrency market is very wide, when Non Fungible Token's NFTs was hype in the cryptocurrency market many people are jumping into NFTs, but I was not move at all, because I still prefer investing in Bitcoin and other alt-coins that already established in the ecosystem.

profgates

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I've discovered that there's always a period of less activity in the cryptocurrency industry. The period where we had several persons making a fortune selling NFTs are no longer in vogue, the interest of cryptocurrency enthusiast has shifted from NFTs to something else, as there's no more craze about keeping some NFTs which may materialize in the future.

coindigitalcoin

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I think it's just the start, people got a taste of what NFTs were with the first generation centered around art but now we may start to see a new generation of NFTs that are built to be productized and incorporate all sorts of features and ideas built a top the first generation, ranging from 2earn concepts, commerative and travel (Trossard) tokens to shipping tracking, authentication (LYX) and even online digital identity.

bbc.reporter

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@Abiky. I very much agree. NFT's hype presently might be over, however, similar to altcoins, tokenization and DeFi, it is clearly not over for NFTs.

I speculate if gaming companies can find where they can collect much of their profit, NFTs in gaming might make a big recovery. However, only the new projects might takeover. The old play to earn games like Axie Infinity might not return to the 2021 all time highs we have witnessed.

Many traditional or “Web2” video game studios around the world are developing new games that leverage blockchain networks, cryptocurrency, and NFTs. Some of the game industry’s largest studios globally are exploring blockchain games, with appetites spanning across genres and platforms—from PC shooters to mobile games and multiplayer metaverse worlds.

And a majority of the game publishers on this list are headquartered in Asia, with just a few Western firms in the mix—a dominance that echoes DappRadar’s prediction that Asia could rule the Web3 gaming space.

Source https://decrypt.co/142527/from-square-enix-to-ubisoft-the-biggest-publishers-building-nft-games

Abiky

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Quote from: nutildah on July 30, 2023, 11:28:55 PM

There's some truth to this -- most (probably 99.9%) of all NFTs will trend to zero. However, there's a few brands and types of NFTs that appeal to genuine collectors (not just speculators or flippers). They are people who view these NFTs as collectibles, stuff they want to own for a long time.

Now the vast majority of NFTs don't fit this category, but a lot of the ones that do are valued for being part of NFT history. They were made at a time before it was fashionable to do so, out of pure artistry or experimentation, and a lot of early NFT creators had no idea whether or not there would every be any profitability involved in their endeavor. Nowadays a lot of NFTs are pure cashgrabs and yes, those are the ones that will go to zero first, because they have zero appeal to actual collectors.

One would hope NFTs become more useful than speculative in the long run. With upcoming scalability upgrades on ETH, I'm certain the industry will mature at a very fast pace. Big names like Pringles, Coca-Cola, and even Mattel are getting into the NFT craze. These companies mean business. We may see a future where physical art, collectibles, and even certications/achievements/diplomas will all transition to the Blockchain. You combine NFTs and SBTs (Soulbound tokens) and the possibilities are endless. This will truly enable a digital era in the long term.

I'd say the NFT hype isn't over yet, but it's starting to fade away at a slow and steady pace. If you're smart, you'd take advantage of cheap market prices to snag prominent NFTs before they "explode". Who knows if we'll see more people getting rich out of NFTs over time? Just my thoughts Grin

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Quote from: Rampagoe004 on July 13, 2023, 10:06:05 AM

I don't like NFTs because of the mountain of spam. And to this day I still can't find the essence of the NFTs themselves. As to what makes these NFTs valuable other than just because they offer exclusivity like the Apes project a while back.

I also see that the NFTs hype is coming to an end. People are starting to question what's the point of them buying an NFT? Honestly I used to see NFTs as a place where the super rich spend their money.

There are 10 million holders of Reddit NFTs alone, and many of them own several nfts so they can combine them in their avatars. I already sold mine as i got several paid and free versions. So the volume of trading might be down but i am thinking this reminds me of dogecoin bear of 2015 when everyone thought it was over. When in fact we had seen nothing yet. Not only dogecoin made millionaires, but there were bunch of other meme tokens coming.

And some current nfts usecases actually have a good reason to exist. Like reddit nfts for example. Yeah, they are purely for fun, and decoration, but that's what's life is about.

raidarksword

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Not yet over but more likely just staying around quietly because there are still NFTs been bought and sold in the market that's why it's not yet over. The market sentiments we have dictates the trend and hype of every projects, NFTs are not exempted of that. Nonetheless, NFTs will surely began to make a hype once we are entering the bull market seasons next year or two.

gurunanakji777

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I might not say that the hype has died down, because the market conditions aren't favorable. We should wait for a bull run before drawing any conclusions about whether there's demand in the NFT market. If I express my opinion, I'll simply state that NFTs have never appealed to me I lack confidence in NFTs and see no benefit in holding onto them. Nevertheless, many people are actively buying and selling them. Similar to the way numerous low-value cryptocurrencies are launched, the situation with NFTs is no different; there's no guarantee of stability or value increase by holding onto them. It's better to invest in Bitcoin or Ethereum at least we know they tend to rebound positively during a bull run, which isn't the case with NFTs.

Mr. Magkaisa

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- I think he's not that loud now, NFT was loud when the play to earn games were trending, when the axie exploded. The cryptocurrency market is back to normal. Although there is still NFT and never gone.

Maybe it depends on whether a famous person will promote NFT again in the crypto space. Its noise can probably be revived, but if not, the hype is over.

yohananaomi

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Quote from: crzy on April 10, 2022, 05:51:27 PM

NFTs hype are distracted by the market condition, but many are still coming that are willing to buy NFTs, its not that hyped anymore but there still a demand. If the NFTs project fails to attract new investors, then this might be the start of being over with NFTs. If you have some, better to continue monitoring so you can sell in time.

It seems that NFT is not as bright as it appeared at first, but now many people are starting to not believe it or start to leave because of the uncertainty of almost all NFT projects, in my opinion. But on the other hand, you are right that there is still speculation to continue buying and hoping for surprises. But it must be admitted that not as much as the start is it a sign that a project like this is no longer attractive and will not provide sufficient profit even in the long term.There will always be an awakening, and there will also be a gloomy period, which may be a sign that it will disappear. Everything is returned to the market, whether it is still attractive to investors.

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Quote from: nick_2017 on July 14, 2023, 06:47:30 AM

The hype surrounding NFTs has subsided to some extent compared to the peak of its popularity.

Recently there was a micro hype on NFT on the Bitcoin network, but the scale of money flowing into this hype is of course extremely modest compared to what was happening in 2021 in ETH or 2022 in Solana.

Quote from: nick_2017 on July 14, 2023, 06:47:30 AM

However, NFTs continue to be a significant and evolving aspect of the digital asset space. While the initial frenzy may have calmed down, NFTs are still being actively traded and utilized in various industries, including art, collectibles, gaming, and more.

Without any adoption and utilitarian qualities, NFT will long be associated by the crypto community with scam and shitcoins that you should stay away from.

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Quote from: Abiky on July 30, 2023, 11:10:24 AM

Quote from: bakasabo on July 12, 2023, 07:48:49 AM

I have different vision. I think that NFT hype is over. Like every hype in crypto industry - it lasts for a year, maybe a bit longer maximum. Why do you think that hype isnt over? I see no loud articles in media about NFT, I see no scandals or scams connected with NFTs. People tried to restart NFT hype, when we had news that NFT now are on Bitcoin blockchain. This fact indeed worried a lot of people, as it made blockchain transactions cost more, but right now, one or two month has already passed and only few people remember about it.

The problem of NFTs was that it is easy to buy it, but it is hard to find a buyer. Now people have bought NFTs, and dont know how to sell it. They froze their money and have to wait and observe how values of their NFT go down (and yes, NFT prices went down heavily) or how inflation slowly kills their investment.

NFTs have no real utility other than being purely-speculative assets. Only a small fraction are actually useful. It's hard to turn a profit with your NFT, especially when people quickly move on to the next big thing in crypto. I see NFTs as a passing trend meant to enrich those who get early into the game. Whales and NFT creators are the lucky ones, while the rest are left behind in the dust. The hype will revive itself once BTC turns bullish for an extended period of time.

I'm yet to see whenever existing NFTs will become a big hit by the time this happens. I wouldn't suggest you go all in NFTs to help avoid huge losses in the long run. Who knows what will be the next thing to take the crypto world by storm? Just my thoughts Grin

NFTs have value based on ownership and origin, even if they are based on assumption. They made checking, finding, and proving digital differences easier. Speculation drives markets, not just NFTs. Bitcoin and altcoins are mostly dependent on guessing. Not going "all in" applies to all purchases, not only NFTs. NFTs may lead to more blockchain application in art, music, and real estate. NFTs may become more than a fad, however the future is uncertain

nutildah

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Quote from: Abiky on July 30, 2023, 11:10:24 AM

NFTs have no real utility other than being purely-speculative assets. Only a small fraction are actually useful. It's hard to turn a profit with your NFT, especially when people quickly move on to the next big thing in crypto. I see NFTs as a passing trend meant to enrich those who get early into the game. Whales and NFT creators are the lucky ones, while the rest are left behind in the dust. The hype will revive itself once BTC turns bullish for an extended period of time.

There's some truth to this -- most (probably 99.9%) of all NFTs will trend to zero. However, there's a few brands and types of NFTs that appeal to genuine collectors (not just speculators or flippers). They are people who view these NFTs as collectibles, stuff they want to own for a long time.

Now the vast majority of NFTs don't fit this category, but a lot of the ones that do are valued for being part of NFT history. They were made at a time before it was fashionable to do so, out of pure artistry or experimentation, and a lot of early NFT creators had no idea whether or not there would every be any profitability involved in their endeavor. Nowadays a lot of NFTs are pure cashgrabs and yes, those are the ones that will go to zero first, because they have zero appeal to actual collectors.

Abiky

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Quote from: bakasabo on July 12, 2023, 07:48:49 AM

I have different vision. I think that NFT hype is over. Like every hype in crypto industry - it lasts for a year, maybe a bit longer maximum. Why do you think that hype isnt over? I see no loud articles in media about NFT, I see no scandals or scams connected with NFTs. People tried to restart NFT hype, when we had news that NFT now are on Bitcoin blockchain. This fact indeed worried a lot of people, as it made blockchain transactions cost more, but right now, one or two month has already passed and only few people remember about it.

The problem of NFTs was that it is easy to buy it, but it is hard to find a buyer. Now people have bought NFTs, and dont know how to sell it. They froze their money and have to wait and observe how values of their NFT go down (and yes, NFT prices went down heavily) or how inflation slowly kills their investment.

NFTs have no real utility other than being purely-speculative assets. Only a small fraction are actually useful. It's hard to turn a profit with your NFT, especially when people quickly move on to the next big thing in crypto. I see NFTs as a passing trend meant to enrich those who get early into the game. Whales and NFT creators are the lucky ones, while the rest are left behind in the dust. The hype will revive itself once BTC turns bullish for an extended period of time.

I'm yet to see whenever existing NFTs will become a big hit by the time this happens. I wouldn't suggest you go all in NFTs to help avoid huge losses in the long run. Who knows what will be the next thing to take the crypto world by storm? Just my thoughts Grin

nick_2017

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The hype surrounding NFTs has subsided to some extent compared to the peak of its popularity. However, NFTs continue to be a significant and evolving aspect of the digital asset space. While the initial frenzy may have calmed down, NFTs are still being actively traded and utilized in various industries, including art, collectibles, gaming, and more.

Romeotom

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This is actually the history of crypto currency that hype in different categories comes in market at different times and investors enjoy it more at first and later they look for something new. If good projects run NFT then surely investors will accept it but if scams spread then NFT will not survive for long.

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Quote from: onecall123 on July 13, 2023, 10:37:20 AM

Quote from: Rampagoe004 on July 13, 2023, 10:06:05 AM

I also see that the NFTs hype is coming to an end. People are starting to question what's the point of them buying an NFT? Honestly I used to see NFTs as a place where the super rich spend their money.

Justin Bieber spent more than $1.3 million on NFTs last year. Currently, the value of that NFTs is around $59,000. It says all.

The people who will make real profits are the ones who bought them at a low price before they became popular and sold them when the prices were high. Now NFTs become a joke to me, and it makes sense why their value is crashing. Junk items.

It is not a fact that someone was able to get very rich buying and selling the most expensive nft. Maybe it was fake buying and selling from themselves or lies on the sites where the collections were sold. Either way the hype has faded and nft's are no longer worth as much as they once were.

onecall123

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Quote from: Rampagoe004 on July 13, 2023, 10:06:05 AM

I also see that the NFTs hype is coming to an end. People are starting to question what's the point of them buying an NFT? Honestly I used to see NFTs as a place where the super rich spend their money.

Justin Bieber spent more than $1.3 million on NFTs last year. Currently, the value of that NFTs is around $59,000. It says all.

The people who will make real profits are the ones who bought them at a low price before they became popular and sold them when the prices were high. Now NFTs become a joke to me, and it makes sense why their value is crashing. Junk items.

Topic: Is NFT's hype over? (Read 2205 times)