The #NFT sales are down 92% compared to their peak in September'21. Is the hype over?
Daniel Engels
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Dhruv Bhatia@dhruv_bhatia
Been feeling the same for a month or so
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The Wall Street Journal just published an article claiming that NFT transactions are flatlining, which appears to be totally based on incorrect data from http://Nonfungible.com (compare with on-chain @.DuneAnalytics data).
If you look it up, all the numbers are showing the opposite..
@seantiffonnet that might explain the discrepancy of data @product_at_producthunt
Product Hunt
@seantiffonnet @daniel_engels Yeah, this is what I had seen on twitter. It's unclear to me which source would be more correct. A lot of different agendas here...
Product Hunt
@daniel_engels can you cite the 92% stat? I've seen conflicting information on this. It definitely *feels* like hype has died down, but I know a ton of people who are sticking around.
Spark'n
NFTs as a utility for creative endeavours was long overdue to cool down. As they relate to DAO and real business creation… that’s just getting started. 👍
Go check out what @gabelunao and the crew are building over at @usebraintrust as exhibit A. 💯
A remote working solution.
I think there are several reasons for this. Number one, NFTs go hand in hand with the metaverse and since the idea of the metaverse is past its first hype, it makes sense that so are NFTs. Number two (key) is that a lot of people still have no idea what NFTs are and what the point is. If we want to bring the hype back, we should do a better work in educating the general public and focus on finding easy-to-understand applications for NFTs. So far, in a layman's knowledge NFTs are a crazy hobby for the rich while they could be a lot more.
@maya_ovice didn't the NFT hysteria start before the metaverse thing?
Product Hunt
This sums up my experience 👇
Kudos to Open Stickers team (@anastasiya_yavorskaya, @shepovalovdenis, @hellobaha) for these super cool stickers ✨
Kudos to Open Stickers team (@anastasiya_yavorskaya, @shepovalovdenis, @hellobaha) for these super cool stickers ✨
I think for many retail purchasers of NFTs the "gig is up" with their current application. I think we'll see some innovative uses for them by businesses and artists, but in terms of the way they've been used up until now, I think people are mainly over it.
@paul_vanzandt I think the vast majority of buyers don't even understand how NFTs work.
@daniel_engels Definitely. I'm not a buyer and I'm still learning how they function too.
Firmao CRM
I think that everything has noise and decline sometime, maybe this topic will come back like Fenix.
Invisibility
Yes
Its always cycles.
@prudy_cipriani it's always cycles until the last cycle
It's not over yet. Any minimal attention spike might launch a new wave of hype
That's a great question. As someone who regularly works with Web3 projects, I think that NFTs have a lot of potential as a concept, but their art market application isn't the best one. Like a lot of other things, it's better understood as a niche solution to specific problems rather than something that everyone should get onboard with. And I don't believe them to be a good option for a first-time investor.
@aaron_arias maybe people just had too much extra money to gamble...
When the majority of NFT twitter comments become jokes about how you can just control C + control V, the hype is up
The value of NFTs in the gaming space will be interesting to watch but the broad community positioning has definitely become more skeptical after seeing the failed promises and rug pulls
@jamie_green1 for gaming, collectionable items existed long before NFTs. Remember the Pokemon mania.
Personally I didn't understand anything about NFT, after I admit that I wasn't interested in it at all :D
However. the 1st wave passed as you say, but the valuation experts saw an interest in it and strong gains. they will get started.
therefore less mass business and more, many more big deals initiated by the pros
@fares_aktouf Likewise. I just couldn't get the hang or the hype about it.
@ketan_pandit1 I don't know if this is stupidity. speculation with all the adrenaline that this can cause! Or just missed something that I can't figure out.
NFT is good and all when it comes to artists that deserve it. But as of what's currently trending, most of the NFTs are just for-profit and don't even care about the quality of the work. The downside about NFT is that anyone can easily copy it. You can technically sue those who use it but would you be willing to spend the money not allowing people to use your IMG or GIF?
@legonaidas you can't even sue such users in most cases.
NVSTly: Social Investing
Market, crypto, and NFT are all bearish (downtrend) run now.
NVSTly: Social Investing
@daniel_engels Oh the interest rate hike definitely had something to do with it. After the FOMC meeting on the 4th SPY (S&P 500) went up 3% which is BIG for an index. But yesterday it took a big dive after investors reassess.
SetOps
The tech behind NFT is here to stay but perhaps the bubble will burst or become a niche rather than main stream. However seeing the passionate community behind it I could be completely wrong 😄
@arunpariyar I share this feeling. I'd rather say the applications for NFT are very scarce and those investing $$$ in jpgs would have a hard time reselling them.
lol it certainly feels like it! I do think the space is highly cyclical, and that there is another wave coming during a subsequent run-up in the market.... whenever that happens lmao
@dylan_merideth well remember the ICO boom in 2019?
@daniel_engels I do! We are still dealing with the ramifications of it from a regulatory perspective. NFT/Metaverse was the boom this time in my opinion, and there will be category changing winners that arise, but in total, most of it was hype and oversupplied, diluted, and uninspired
The NFT bubble has burst. Perhaps this is a signal for the cryptocurrency market.
@igor_kyrylov my personal opinion is that the NFT bubble has burst, but the crypto might stay for years, with new ups and downs