Up until recently, I was seeing the NFT realm as a massive bubble that was begging to be popped but I have no come to realize maybe that is not quite the case. When NFTs were first taking off none of my friends could not really be bothered by them including those that have even a minor interest in the crypto world. With the prices continuing to grow and my inability to find anyone to care about this big blockchain development, I was unsure about how widespread adaptation was.
This began to change when I saw all of the hype around Topps releasing NFT baseball cards! As a baseball die-hard, I am pretty well connected to the internet community around it. Seeing these people of all ages being so very interested I was ecstatic that these MLB NFTs would stick around unlike MLB Champions which was a glorious flaming ball of failure.
The final straw I needed was an article from CNBC that talked about how the NFT market had down to surpass $2 billion. Even with the recent price drop the amount of NFT buyers for the first quarter of 2021 was still double that of the number of sellers! When I saw this I was completely blown away as I would have expected the levels to have started to level out more. With the number of buyers greatly outpacing that of the sellers the demand is clearly still there and really has not lost any momentum!
All of this together has really given me a confidence boost that we are not looking at an event like one that happened in 2017-2018 when the markets melted down big time. While NFTs may still very well be in a bubble this bubble is not as extreme as some have made it seem according to the data.
Like always make sure to do your own research! I am not a financial advisor and these thoughts are 110% my own!