Welp MagazineIn 2018, it was all the rage to use tokens that could only be used once. This new technology was used by artists, sports teams, celebrities, and big businesses to sell digital copies of their goods. This trend has grown stronger as blockchain technology has become better known. But new information shows that NFTs aren’t as important to people as they used to be.
In a study, the group said, “If Google search traffic is any indication, it seems like people are losing interest in NFTs.” “NFTs don’t seem as important to most people as they used to be.”
NFTs can be given away or sold, but they can’t be copied or broken into smaller parts because they are unique. Some people buy NFTs hoping their value will go up, while others do it just to show off or join a growing trend in technology. get started, here which is now the top trading platform
NonFungible says that from January to March this year, people bought and sold NFTs for $7.8 billion. Based on what the researchers found, this shows that the NFT industry is not falling apart but instead is stabilising after a big rise in 2021.
“Volumes are going down, but prices are going up,” the study found. In other words, everyone agrees that the NFTs still in use are worth a lot.
Merav Ozair, an expert on blockchain technology who teaches financial technology at Rutgers University, says the recent drop in the value of cryptocurrencies is a big reason why people aren’t as interested in NFTs as they used to be. This is because most people buy NFTs with digital currencies like bitcoin, Ethereum, etc. When the prices of these currencies go down, people can buy less with the same amount of money.
Since the beginning of the year, Bitcoin’s price has dropped about 56% from its all-time high in November of last year, when it was close to $68,000. Solana, Ripple, and Ether have all lost a lot of value because investors are leaving the volatile cryptocurrency market and putting their money into more stable assets.
Some experts in the field think that recent frauds and thefts on major NFT markets could be one reason why people aren’t as interested in them as they used to be.
Last year, there was a lot of noise and excitement, and some NFTs were sold for millions of dollars. This made every transaction in the whole country important. Tech fans watched as a set of non-fungible tokens (NFTs) from the Bored Ape Yacht Club that showed flashy cartoon apes sold for as much money as possible. CNET says that in January 2022, the least you could offer to join a Bored Ape NFT was 52 ether. At the time, it was worth between $200,000 and $210,000. Jimmy Fallon, Steph Curry, and Post Malone are just a few well-known people who bought tickets.
“People now know that isn’t always the case,” Ozair said, referring to the fact that many NFT owners bought their tokens the year before and in 2020 because they thought their value would keep going up.
But some people who own NFTs never intended to sell them for cash. Connor Murphy from Denver said that he only bought two NFTs from 2020 to show support for the artist who made them.
Using a token that can’t be changed is one of the best things you can do. This makes it possible for digital artists to own their work. In more than one fraud case, artists have said their work was tokenised without permission. They weren’t asked or told, but they were turned into tokens. Scammers have started using NFTs to steal people’s money.
If you still want to invest in NFTs, you should find out as much as possible about the NFT exchange and make sure it verifies artists and has the right security credentials. They are real and can be checked because the NFT exchanges have signed them. There is no set way to determine who owns things that aren’t money (NFTs).
