The NFT market’s robust health is under intense scrutiny currently, as a recent study reveals that a whopping 95% of mainstream non-fungible tokens have seen their values decline dramatically, with many deemed almost worthless. This piece of news, which surfaced on September 20th, has ignited a flurry of reactions across the digital asset realm. A considerable section of crypto enthusiasts echo the report’s sentiment, acknowledging the fact that their assets have indeed become valueless.
Conversely, NFT proponents are contesting these findings, highlighting inconsistencies in the reportage of this subject in the past. In fact, an older article from Rolling Stone promoting the Bored Ape Yacht Club Collection, a popular NFT collection, was brought up as evidence of the media’s contradictory stance. A section of users also posits that the NFT value dip might be a temporary effect of the ongoing crypto winter, predicting a substantial revival when market conditions improve.
Despite widespread speculation and contrasting views, the undeniable fact remains that the NFT marketplace experienced a stunning boom in 2021, accelerating blockchain technology adoption by leaps and bounds. However, the tables have turned drastically in a short span of time. As of now, the NFT market seems to be weathering a relentless storm, with the bulk of tokens unsold and only 21% of the listings showcasing full ownership. According to the cited report, NFTs who can’t offer compelling narratives, clear use cases, or genuine artistic value, are wrestling to attract attention and sales.
Is this the death knell for the once-flourishing NFT marketplace or just a transient phase warranting strategic patience? Will there be any significant rebound any time soon? If so, when and how? These crucial questions remain as the entire realm monitors the situation with bated breath. On the bright side, NFT enthusiasts continue to pin their hopes on a prospective resurgence within the broader market, which could potentially shore up their digital assets once again.
Source: Cryptonews
