• Latest
The NFT bubble Could have popped, but the Business Remains primed for Growth

The NFT bubble Could have popped, but the Business Remains primed for Growth

June 5, 2021
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Alt Coin

The NFT bubble Could have popped, but the Business Remains primed for Growth

coinnewsdaily by coinnewsdaily
June 5, 2021
in Alt Coin, Ethereum, NFT
0
The NFT bubble Could have popped, but the Business Remains primed for Growth
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Nonfungible tokens (NFTs) took the world by storm in March and April of the year with an onslaught of daily headlines regarding record-breaking sales and big-name companies dropping their very own one-of-a-kind digital art pieces dominating the mainstream press.

Fast forward a couple of months and the narrative has changed into the ‘NFT bubble’ popping and doom and gloomers warning that NFT investors are on the point of losing all their money.

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
author
NFT marketplace 1-year history.The fast declining prices and action on the top NFT marketplaces have prompted many to speculate on the death of this nonfungible token space regardless of the well-known cyclical nature of this crypto market that can spring back to life at the drop of a hat.

You knew this was coming, right?

NFTs Are Dead

(of course you can purchase this tune as an NFT)https://t.co/gj6JFpFKZX pic.twitter.com/NFveBKgdRn

— Jonathan Mann (@songadaymann) June 4, 2021

Lively users jump ship

Active users will be the lifeblood of NFT marketplaces, however, the choppy nature of this cryptocurrency markets within the past two months, including the May 19 sell-off which saw $1.2 trillion in value wiped from the crypto market cap has led to a precipitous decline in user action.

Blockchain
Number of pockets on NFT marketplaces.

As seen in the graph above, the busy wallets on NFT marketplaces peaked close to the end of March and has since fallen by over 40% as falling values combined with higher transaction fees on the Ethereum (ETH) network kept traders out of the marketplace.The decline in busy wallets coincided with a decline in sales across the space as rapidly falling token prices exacerbated the declines of holders and collectors who saw their valuable art pieces lose up to 90 percent of the value overnight.

the NFT Bubble
Total amount of sales on NFT marketplaces.

The reduction in busy users has led to a 60% decline in overall daily sales which dropped from a high of $325 million on May 7 to its present figure at $110 million.

NFTs are down but not out

All is not lost, however, since there are many solid value propositions and use cases for NFTs that entrepreneurs and conventional businesses have noticed and adopted the sector.

The blockchain ecosystem has put forth multiple workable choices to take care of issues facing the NFT sector, like the launching of Enjin’s Efinity and JumpNet protocols which help to lower prices and allow for interoperability across various networks.

Another popular alternative Polygon, an Etheruem sidechain that makes it possible for jobs to stay on Ethereum whilst also using a fast, low fee environment. In the past 3 months a high number of NFT-oriented and gambling jobs have migrated into Polygon and since the crypto and NFT marketplace improve, these low fee environments should help boost activity on the network.

Source: DappRadar

While the present statistics might seem bad compared to recent all-time highs when viewed from a longer time frame one can see that the normal amount of NFT sales rose nearly 300% between January and the end of May. This shows that there is strength in the sector regardless of the market plunge that began on May 12.The NFT ecosystem might have seen a considerable drop in action and nominal values within the past month but it’s far too premature to proclaim the death of NFTs since the world has only scratched the surface of what’s possible with this smart contract technologies.

The perspectives and opinions expressed here are only those of the writer and don’t always reflect the views of Cointelegraph.com. Every single investment and trading proceed entails danger, you need to run your own research after making a determination.

Tags: EthereumexpansionJonathan MannJumpNet protocolsmainstream mediaNFTNFTsPolygonsmart contract technologiessmart contract technologyTechnology
Share76Tweet47
Previous Post

9 Tweets By Elon Musk and 9 Bitcoin Reactions

Next Post

No, Musk, don’t blame Bitcoin for dirty energy — The Difficulty lies deeper

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum
Alt Coin

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin
Alt Coin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution
NFT

NFTs: The Next Musical Revolution

April 24, 2022
Load More
Next Post
No, Musk, don’t blame Bitcoin for dirty energy — The Difficulty lies deeper

No, Musk, don't blame Bitcoin for dirty energy -- The Difficulty lies deeper

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$22,767.00-4.28%
  • ethereumEthereum(ETH)$1,557.89-5.29%
  • tetherTether(USDT)$1.000.05%
  • binancecoinBNB(BNB)$306.02-3.80%
  • rippleXRP(XRP)$0.395438-4.70%
  • cardanoCardano(ADA)$0.371106-6.14%
  • dogecoinDogecoin(DOGE)$0.087211-3.31%
  • matic-networkPolygon(MATIC)$1.08-7.58%
  • okbOKB(OKB)$37.27-6.21%
  • solanaSolana(SOL)$23.83-9.48%
  • polkadotPolkadot(DOT)$6.15-7.10%
  • shiba-inuShiba Inu(SHIB)$0.000011-5.26%
  • litecoinLitecoin(LTC)$90.38-6.80%
  • tronTRON(TRX)$0.062372-2.59%
  • daiDai(DAI)$1.00-0.01%
  • cosmosCosmos Hub(ATOM)$13.06-5.84%
  • chainlinkChainlink(LINK)$6.85-7.56%
  • leo-tokenLEO Token(LEO)$3.61-2.09%
  • moneroMonero(XMR)$175.76-5.58%
  • ethereum-classicEthereum Classic(ETC)$21.26-6.22%
  • bitcoin-cashBitcoin Cash(BCH)$129.27-5.79%
  • stellarStellar(XLM)$0.089521-4.52%
  • crypto-com-chainCronos(CRO)$0.077469-6.02%
  • filecoinFilecoin(FIL)$5.02-9.44%
  • algorandAlgorand(ALGO)$0.239725-8.68%
  • vechainVeChain(VET)$0.023013-6.47%
  • internet-computerInternet Computer(ICP)$5.76-7.93%
  • aaveAave(AAVE)$80.56-8.57%
  • eosEOS(EOS)$1.04-6.08%
  • elrond-erd-2MultiversX(EGLD)$41.95-7.17%
  • theta-tokenTheta Network(THETA)$1.01-9.19%
  • tezosTezos(XTZ)$1.06-9.80%
  • paxos-standardPax Dollar(USDP)$1.000.85%
  • huobi-tokenHuobi(HT)$5.08-1.08%
  • bitcoin-cash-svBitcoin SV(BSV)$42.09-4.96%
  • havvenSynthetix Network(SNX)$2.21-10.28%
  • pancakeswap-tokenPancakeSwap(CAKE)$3.96-4.09%
  • dashDash(DASH)$58.841.88%
  • iotaIOTA(MIOTA)$0.222581-7.49%
  • zcashZcash(ZEC)$44.27-6.67%
  • makerMaker(MKR)$629.76-6.01%
  • neoNEO(NEO)$8.01-4.66%
  • zilliqaZilliqa(ZIL)$0.026568-9.95%
  • basic-attention-tokenBasic Attention(BAT)$0.245851-10.53%
  • compound-governance-tokenCompound(COMP)$51.42-8.40%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • nemNEM(XEM)$0.036663-7.97%
  • kusamaKusama(KSM)$33.90-8.26%
  • bitcoin-goldBitcoin Gold(BTG)$16.49-7.07%
  • qtumQtum(QTUM)$2.720.11%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • wavesWaves(WAVES)$2.44-10.66%
  • sushiSushi(SUSHI)$1.23-8.52%
  • yearn-financeyearn.finance(YFI)$7,090.82-8.14%
  • golemGolem(GLM)$0.232347-6.02%
  • omisegoOMG Network(OMG)$1.38-9.84%
  • ontologyOntology(ONT)$0.207107-5.81%
  • digibyteDigiByte(DGB)$0.010140-7.82%
  • umaUMA(UMA)$1.96-7.02%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%