In 2021, NFTs (Non-Fungible Tokens) were all the rage. They were being touted as the next big revolution in the world of cryptocurrency. But is that still the case? Or has the hype died down? In this blog post, we will take a look at the current state of NFTs and try to answer that question.
NFTs first came to prominence in early 2021. At that time, they were being hyped up as the next big thing in the world of cryptocurrency. And for good reason. NFTs offered a way to tokenize just about anything. This opened up a whole new world of possibilities for digital assets.
According to recent Google Trends, NFTs seemed to have peaked at around January of 2022. There has since been a steady decline in search volumes for the topic. This could be indicative of a few things. Firstly, it could simply mean that the hype around NFTs has died down. Or, it could also mean that people are losing interest in them. This is not entirely surprising given the number of scams and projects that have been associated with NFTs.
Another possibility is that the current bear market has caused people to lose interest in NFTs. This is because the prices of many NFTs are directly correlated with the prices of cryptocurrencies. So, when the crypto markets go down, the NFT markets usually follow suit. Don’t get it wrong ultimately search volume doesn’t tell the whole story, but it could be a leading indicator as to their growth.
Bill Gates on NFTs: ‘I’m Not Involved in That’
One of the most prominent figures in the tech industry, Bill Gates, was recently asked about his thoughts on NFTs. He responded by saying that he was not “involved in that”, and that he did not have any “opinions” on the matter. This is a pretty significant statement coming from someone of Gates’ stature. He further stated that NFTs are “A greater’s fools theory.” This could be interpreted in a number of ways. Firstly, it could simply mean that Gates is not interested in NFTs. Or, it could also mean that he thinks the whole craze is nothing more than a bubble. Only time will tell what his true intentions were with this statement. One could argue that NFT are not necessary a revolutionary technology.
Is there actual value in NFTs?
This is a question that is still up for debate. Some people believe that NFTs are nothing more than a fad. Others believe that they could have actual real-world value. Personally, I believe that there is potential for NFTs to have real-world value. This is because they offer a way to tokenize just about anything. This could be anything from digital art to real estate. And, as more and more industries move towards the digitization of assets, NFTs could play a big role in that.
Of course, there are still a lot of unknowns when it comes to NFTs. For example, we don’t know how easy it will be to actually use them in the real world. We also don’t know how well they will be received by regulators. But, I think that the potential for NFTs is there. And, as more and more projects launch and adoption grows, we will start to get a better idea of their true value.
There is still a barrier with the technology. Some are still unaware of how they actually work, let alone used for everyday use cases. Nonetheless they seem to build great communizes Bored Ape Yacht Club is a great example.
Are scams and illicit actives hurting NFT growth?
The short answer is yes. The long answer is a resounding yes. There have been a number of high-profile NFT scams and projects associated with illicit activities. This has led to a lot of bad press for NFTs, and has cast a shadow over the entire industry. This is one of the main reasons why skepticism for NFTs have been increasing.
As more and more people become aware of the risks associated with NFTs, the less likely they are to get involved with them. This is especially true when you consider the fact that there have been fraudulent cases when it comes to NFTs. For example, we don’t know how market makers are doing behind close doors where they monitor transactions. We also don’t know how well they will be received by regulators.
All of this uncertainty has led to a lot of people losing interest in NFTs. And, until the industry can clean up its act, I think that this trend is likely to continue.
Most were in it for a “get rich quick scheme”
As the prices of many cryptocurrencies surged it led to a lot of people becoming interested in NFTs, as they saw it as a way to make quick and easy money. However, as the prices of cryptocurrencies started to fall, so too did the interest in NFTs. This is because most people were only interested in them for the money. And, when the prices started to fall, many bailed and went on to the next thing. This is one of the main reasons why I think that the current state of NFTs is not good. There are still a lot of people who are only interested in them for the money. And, until the industry can show that there is more to NFTs than just flipping them, I think it will continue to struggle. Don’t get me wrong a lot of crypto enthusiast did make money with NFTs.
It’s differently not all gloom. Big players and companies are getting in on NFTs
Despite the current state of NFTs, there are still some big players and companies that are getting involved with them. For example, Microsoft recently announced that they are launching an NFT marketplace called “Artists in Residence”. This is a big deal because it shows that even a company like Microsoft sees the potential in NFTs. And, as more and more companies get involved, I think we will start to see the industry grow. Every week you hear a new celebrity getting in on the action. Although some might argue that that is inductive of a red flag and that we may be in an NFT bubble.
NFTs are in full swing in NYC despite market slowdown
Despite the recent market slowdown, NFTs are still in full swing in NYC. The NFT NYC conference this week has brought hordes of web3 enthusiasts to Times Square in an extravagant celebration that stands out against the much-less-exuberant crypto market. There have been yacht parties, celebrity cameos and even a Snoop Dogg impersonator running around the event. While some people are concerned that the current hype surrounding NFTs is unsustainable, others believe that this is just the beginning of a new and exciting era in digital art and collectibles. Only time will tell whether the current enthusiasm for NFTs will be able to weather the current market conditions.
Will NFTs provide more value than just a jpeg?
Until recently, most people saw non-fungible tokens (NFTs) as little more than digital collectibles with no real-world value. However, NFTs are starting to gain traction as a way to represent ownership of digital assets in a more secure and convenient way. For example, event ticketing platform Aventus is now using NFTs to sell tickets to concerts and festivals. The benefits of using an NFT are that the tickets cannot be counterfeited and they can be easily resold or transferred. In addition, NFTs offer a level of exclusivity that is not possible with traditional tickets. For example, the Bored Ape community is selling memberships that give buyers access to exclusive content and experiences. The use cases for NFTs are still in their infancy, but the potential for growth is evident. With more platforms and businesses exploring how to use NFTs, it is only a matter of time before they become mainstream.
There are a few utilities for NFT that make them unique and more than just a digital asset. One of the most popular uses for NFT is in the gaming industry. Games like CryptoKitties allow players to own digital cats that are stored on the blockchain. These cats can be traded or sold for real money, and each one is unique. Another use case for NFT is in the music industry. Artists can create digital art or music that is stored on the blockchain. These pieces can then be sold or traded like any other NFT. The last use case that we will cover is event tickets. Tickets for events like concerts or festivals can be stored on the blockchain and then transferred to someone else if the original owner can’t go. This transfer can happen without going through a third party like Ticketmaster, which saves both time and money. While there are many utilities for NFT, the question remains whether or not they will take off and become mainstream. Only time will tell.
What’s the verdict?
NFTs can be more than just a jpeg and whether you like them ior not they’re likely here to stay. NFTs can be more than just a jpeg and whether you like them or not they’re likely here to stay. Crypto critics in general are not sure if Bitcoin in general will survive, let alone NFTs. NFTs are more than just a digital asset. They are a representation of something that has value to the holder. Whether it is exclusivity, like you see with the Bored Ape community, or event tickets, the underlying technology seems to have utility. The only question is whether they will take off and become mainstream. One of the reasons NFTs are huge right now is because of community building. Do you think NFTs will be relevant in the future? Let us know what you think!