The once holy grail of investing NFT is sanking like the titanic.
Over 73k minted collections of NFT which make up 95% of the NFT available is worthless and without market value.
Want to know if your NFT among, bookmark this thread, like and retweet and read on as we journey NFT began lossing their intrinsic value since fall from previous market ATH. This slashed the prices of most NFT's minted on eth by half.
The ones of other altcoins that couldn't hold their price strong fell by different levels.
But that is not enough reason right ?
Exactly....
Investors have began to see that most NFT's are just minted because the dev believe they can it.
These has led to over supply and crowded market for NFT and most NFT's are just replica of real life work minted by different people.
That aside, you will agree that most NFT's are no longer rare, with over supplied artwork and low quality arts, the market is just saturated with utilities online in top OG clubs and gaming.
This has diluted the value of NFT.
Most whale will want to collect and hold things with a clear artist value.
Thousands of NFT's are now just copies of memes with no connection to real world or metaverse.
There is no magic to where liquidity can just flow into such projects.
Liquidity can not be created nor destroyed, but it flows to where utility it. Know this and know peace.
The high cost of minting NFT that is impacted on the environment and ecology also raises an eyebrow.
Minting and trading most of these NFT's that are not on ReFi based blockchains generates lots of carbon emissions.
So long gamefi and exclusive clubs benefits remain the driving force for NFT adoption, it will be slow.
Meanwhile if there is no real utility for that NFT you are holding, just know you are holding a paperweight.
Till next time stay SAFU
#ticktalker
