Now in last year and the present one we've seen bear market in NFTs and losing the grip floor price went to lowest and hype is gone except some players stuck with old NFTs or actively flipping the one in demand in present times .
The Peak Market of NFTs
I still remember back in 2021 when (Non-Fungible Tokens (NFTs) were trending and majority of people were talking about it and how it's the future.
At that moment there was a group of people who used to troll NFTs by saying look you bought this jpeg after spending money while I just downloaded it with right click.
And each NFTs maxi was trying hard to explain how it's the future of finance and NFTs will Tokenization this entire ecosystem.
Adoption Happened Through Celebrities and Influencers
A lot of celebrities like snoop dog, Eminem, Justin Bieber and majority of influencers in Cryptocurrency and non crypto bought NFTs spending hundreds of thousands dollars and millions of dollars in each NFTs mostly Ape and Lawpunks had huge volume.
A lot of people adopted crypto through the hype of NFTs and this lead to some innovation and more better things that have taken place in past.
Integration of NFTs on social media profile
Social platforms like Instagram was first to integrate NFTs profile and later twitter currently known as X also implemented it.
And it provided a sort of utility to NFTs.
NFTs and Metaverse both were main subject and kinda linked with each other like NFTs will be used as an true ownership and many brands in Metaverse will use NFTs to Market their products and such.
From Highest Floor to Lowest
Plenty of NFTs collection had seen a great bull run which increased volume and floor price skyrocketed.
There were two big one's like the one who gave more return and profits, popular than any others; Bored Ape NFT, Cryptopunks in marketplace.
The floor of bored ape NFT was once "128 ETH" and also ATH was nearly 152 ETH nearly valued at $434,000.
And now it is trading under 30 ETH at it's all time low.
Same thing happened with Cryptopunks and the whole NFTs market is at it's lowest except few collection still in trend.
The Chances of a Bull Run 2.0 for NFTs
IMO NFTs rise depends on these things > DeFi Bull run > Metaverse starts to recover > NFTs market coming back alive.
Metaverse market has lost billions in last year and the Decentralized Finance (DeFi) Total Value Locked (TVL) is also at it's lowest than Bear Market also made it worse for NFTs.
The only NFT that will stay or could recover is one with utility and backed by hype. Though chances are pretty low, I'm not expecting another Bull Market in NFTs but well it's crypto and it always surprise.
Wrapping Up... In the end, NFTs market is still alive but not thriving like before not that surprising since crypto itself is lacking nowadays.
I'd like to know what you think about it and will they rise from the ashes or the NFTs trend is really over? Do leave your opinion in comment.
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