What’s new is apparently old again as NFTs – once the darling of the crypto scene – are now apparently all but worthless because no one’s buying them, multiple outlets report.
None of that is shocking if you’ve followed the broader crypto market which is also in a downturn. NFTs, however, are the new kid on the block and they made quite a big splash when they arrived.
It seems like just yesterday we were covering Beeple and asking what all of this means. Today, now we know. NFTs, like anything else, are dictated by supply and demand and with little demand and abundant supply, the market has bottomed out.
How much have NFTs fallen? According to a Bloomberg report cited by Gizmodo, the market went from $USD 17 billion to $USD 466 million between January and September of 2022.
And most of the numbers are similar for other metrics such as the number of trades and even the number of traders themselves.
Is there any upside from here? For current owners of NFTs, it might be difficult to recoup any major loss in value and, for new exchanges, it might be a tough time to set up shop. Optimists are hopeful there’s a place for NFTs in the media ecosphere but, right now, it doesn’t look like they’re going to be the perpetual cash fountain some painted them as just one year ago. To delineate just how much things have changed from then until now, Gizmodo reports that marketing material for NFT-related services is actually starting to avoid reference to the acronym altogether.
Do you think NFTs will bounce back? Let us know your thoughts on that in the comments.
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