NFT Bubble May Just Almost Pop

NFT Bubble May Just Almost Pop

By xuanling11 | Crypto Learning | 9 Sep 2021


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

Related articles:
Stablecoin is Not So Stable
CBDC: Stablecoin 2.0 or Stablecoin Killer
Chinese CBDC: the Ultimate Financial Weapon or Just another Copycat
DeFi Swap: Great Returns come with Great Cost
CBDC vs Cryptocurrency: the War of Privacy
Inflation vs. Bitcoin: How Speculation to Hedge Inflation has Failed in Short Term but may Create Opportunity in Long Term
Game of Three Kingdoms: CBDC vs. Cryptocurrency vs. TechCoin
Gold vs. Bitcoin: Digital Twin or Enemy
Volatility of Bitcoin: Threat or Opportunity
Lesson Learn from Robinhood IPO: Era of Crypto Exchange Comes to an End or a New Beginning?
Hypothetically, What if the Fed Fails to Control Inflation, Will Crypto Save Us?!
Stablecoin: We Ever Need Them More Than CBDCs
China FUD: Are We Done Yet?
SEC vs. Ripple: the Endless Game of War
SEC vs. Defi: What is the goal of the Defi?
City Coins: Are they the Era of New Coins?
Ethereum London Hardfork: How Hard does It Actually Fork?
Did the U.S. government just thumbs up on Bitcoin and down on Ethereum after the London Hardfork?
The End of Era for Crypto Exchange Platform?!
NFT: Digital Solution or Delusion?
NFT: The Future of Gamers' Assets
Is Bitcoin Untraceable Anymore?! It Depends!
Why Crypto Got So Political Suddenly: The Beginning Tale of Government Crypto Surveillance Program
Where are We Position Crypto at : the Problem with Money and Wealth
Crypto Hacking: How Did it Really Happen?
Bitcoin Mining Recover?! The Chinese vs. The U.S Strategy of Blockchain
The Legendary of Shitcoin: Meme to the 🌓 or Unique of 💎 or Simply just 💩
Defi: A Rainbow 5-Layers Cake
Crypto Economy: the Untold Speculative Financial System We will Live?
Red Alert: Lesson Learns from the Nearly Cashless Nation
Jack Dorsey’s Ambitious: Twitter wants to Become a Place of Freedom of Speech
What Categories Does Bitcoin Belong to or Does it Really Matter?
Quantum Financial System: The System Lost Itself in Quantum World
Doge 2.0: Who Let The Dog Out?!
Legendary Hacker: the White Hat into the Rescue
Crypto Hot Hub: The Best Place to become Crypto Incubator
EIP-1559: The Future of Ethereum Economy
Break the Fourth Wall?!
Robot Sucks: How Lousy Jobs AMMs Did to Ruin the DeFi
The Future of Cardano: as Clear or as Uncleared?
We Are Short for the Dollars: The Dollar's Liquidity Issue
Currency Comparison: Bitcoin vs Dollar
Patent the Blockchain: the Nonsense Action Shows a Worry from Big Tech Companies
Forget about Trade War: New Era of the International Trade
Ethereum Got Update Bug: A Blockchain Synchronization Problem
CBDC's Cross Border Payments System: Worse than Crypto
Bitcoin's Energy Concerns, Scalability and the End of Bitcoin Prediction
Unknown Author’s Hypothesis: Creator of PoW and PoS Hybrid Blockchain
Currency Debasement: Cryptocurrency Inflation Hedge Hypothesis Still Hold
Shitcoin Economy: Part 1 - Category
NFT Bubble: Does it Really Matter ?!
Shitcoin Economy: Part 2 - Regulations
Fiat vs. Crypto: Religion vs. Science or Vice Versa
Dogecoin 2.0: Doge Breeder Era
Shitcoin Economy: Part 4 - Technology
Buterin's Regret: Ethereum 8 Co-Founder Things
Tokenism: An Old Idea Get A New Invention
Shitcoin Economy: Part 5 - Detokenization
Bitcoin ETF May Not Be Such a Great Idea
Legal Framework of Virtual Currency
Bitcoin Lightning Network Explain
The SEC Defi Investigation: The Decentralization Theater
Coinbase Regulation Probe: The Future of Crypto Lending
The Cantillon Effect: The 18th Monetary Curse About to be Broken
-------------------------------------------------------------------------------------
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

How do you rate this article?


47

3

xuanling11
xuanling11

A delusional author who is possibly a nut job without any questions whatsoever about expertise in the subject matters to write with a freestyle.


Crypto Learning
Crypto Learning

All article was written by a delusional author who is possibly a nut job without any questions whatsoever about expertise in the subject matters.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.