NFTs were just an experiment during previous bull run

By Bala | Bala | 22 May 2024

NFTs were one of the hottest topics during the previous bull market. There are more exploits than having a proper use case for NFTs in the last bull market. Many blockchains started having this facility on the chain to create NFTs. Only some of the blockchains were successful in bringing a proper use case to NFTs. On other blockchains, people started creating random NFTs and were trying to sell them for a good amount of money. Due to the craze we had in the market, many people were buying those NFTs for a heavy price.

NFTs were good for artists and creative workers

Some of the best use cases we have had so far for NFTs is to digitalize creative works. People were able to create NFTs out of their craft and artwork and they were able to sell it as a digital item. They were able to set a price for the item and it was highly advantageous. This is one of the best things that I have seen so far because it helped creative workers make copies of their work and were able to genuinely sell them online as NFTs.


Game assets as NFTs

This is where most of the experiments happened. People were able to create game assets as NFTs and were able to sell them inside the game. When NFTs became popular in the crypto world, this was one of the biggest use cases. People were able to trade in-game items with the help of this facility. Initially, this came out only as an experiment but later this experiment became a reality and people were able to use NFTs in actual games.

Craze about buying NFTs

In the previous Bull market people were crazy about buying NFTs and they did not bother much about what value the NFTs brought to them but they wanted to follow what others were doing and were interested in purchasing some random NFTs. Some of the NFTs were sold as a limited-version item and that made the demand even more and people were crazy about holding the limited version. There were a few successful NFTs that created a FOMO but otherwise, most of these ended up making the issuer rich and otherwise did not add any big value.

Imagine someone buying a limited edition NFT. It is valuable only if there is a demand or if there is something that can be done with those NFTs. If it is going to create a FOMO only for some time what is the point in spending a lot of money on that? I had a friend who bought some random NFT on the ETH chain. I was asking him what he was going to do with that, he mentioned saying that it was some kind of special collection and it is a pride to have those limited edition NFTs. Today the NFT is just sitting there losing its value and there is nobody who talks about that NFT right now. It was only a short-term craze and it was all gone when the founder got rich enough.

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