Sirwin
Sirwin

Are NFTs done?

By LeftFooted | bitcoinea | 24 Feb 2024


NFTs bombed big time after and they haven't come back yet.


At the peak of the last bull market, in the second half of 2021, you could've bought any random coin or any random NFTs and you'd have made money.


Then 2022 came along, and everything went down the drain.


2023 was a year of recovery and 2024, it seems, will be the year of further growth.


However, while cryptocurrencies are indeed making a comeback, NFTs aren't. For now.


This, in my opinion, is due to one simple reason.


NFTs were presented as piece of technology and then advertised as a Veblen good.


In other words, we accidentally did everything we could to make sure people would NOT take them seriously.


What was the point of ranting over the amazing technology behind NFTs if all people used them for was to showcase they could afford to spend millions on a 'jpeg'?


I get it, in a way. We needed a narrative. Because every other use case for NFTs, certified documents, copyrighted music, etc, was a bit boring.


But now people don't want to hear it. Every single time somebody says something about NFTs, you can just feel how people immediately roll their eyes and think "who cares".


Even when you can't actually see it.


Will they make a comeback? Yes, in due time. In my view. But, in the long run, whatever the crypto market will be, the NFT market will be one tenth of that, or maybe even less than that.

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LeftFooted
LeftFooted

I’m a left-footed duck that loves writing. I write about cars, watches, craft beer and, you’ve guessed it, crypto Also active on read.cash


bitcoinea
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