The NFT market is red hot. One of the biggest NFT platforms OpenSea was making $2.84 billion in trading volume over the past month in August.
NFT makes the majority of income to Ethereum miners. It generates 21.6% of the total transaction fees for Ethereum which makes the gas fee so high for many layer 2 transactions costly.
However, it seems the NFT market suddenly slow down. What caused the slowdown? Perhaps the crypto market flash crashed due to Bitcoin day in El Salvador or a bug?
How hot is the NFT now?
A rock picture that can cost you $2M and a picture of a series of boring apes can cost you $24M.
What is a bug?
The OpenSea detected a bug that linked to ETH 2.0 account or burns account that NFTs may send into and burn it.
How much has been burned?
42 NFTs were lost in 30 transactions of a total of around $100,000 worth of NFTs.
The bug has been fixed
The bug is caused by the last Geth update that potentially cause the chain split which has been patched.
More celebrities are joining the NFTs
The latest celebrity is Doja Cat who will issue her album “Planet Doja” in the NFT format.
Not to mention the sports teams join the NFTs
Spain’s LaLiga soccer team will have their team NFTs for their fans.
More supplies of NFTs but the demand has been a plateau
From 30 days of activity in OpenSea, the Users, Volume and Transactions have all dropped.
Dot Com Bubble 2.0?!
People are flipping NFTs in the marketplace rather than holding the assets. You may flip and make a profit of 100X in 7 hours!
Sell the bubble!
If you heard about the 16th-century Dutch tulip bubble, you may recognize that the story is a textbook definition of a bubble. Some artists sold it for more than $50K in OpenSea.
In conclusion
Bubble or not, I still do not know. It seems people are crazy about it and everything is on sale!
Photo by André Noboa on Unsplash
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Disclosure: I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose cryptocurrencies are mentioned in this article. This information is only for educational
