NFT: The market is in free fall: Almost 100% collapse in a few months!

news hardware NFT: The market is in free fall: Almost 100% collapse in a few months!

Disastrous results for NFTs

This drop in NFTs is calculated based on total turnover, and the least we can say is that it’s no joy for non-fungible tokens:

• 92% fewer NFT sales: only 19,000 compared to 225,000 in November 2021
• Active portfolios are also down 88%. They are used for digital storage of NFTs and it seems many of them are disappearing.
• According to Google Trends; which lists all Google searches, The term “NFT” was typed down 68% globally compared to the peak reached in mid-January 2022.

All is not lost for NFTs

We clearly see a loss of interest on the part of the public, but can we conclude that this is the end of NFT?

Probably not. Even if the market falls, it doesn’t mean that NFTs are dead. As a matter of fact, it remains a very young and therefore fluctuating environment. The value of NFTs can therefore easily be influenced by external factors.

Someone like Elon Musk can make a big impact with a simple tweet. Let’s also think about the Twitter founder’s first tweet, which sold for $2.9 million in NFT last year and was worth just a few thousand dollars just a few days ago. This brings with it heavy media coverage that discredits NFTs.

But we see the same with cryptocurrency, which remains a fledgling technology and has seen sharp rises and falls for several years without disappearing.

Currently, NFTs are mainly offered in the form of digital works, although the regulation is still very unclear. We must not forget that this technology is not limited to this. It can be used for many other things, e.g. B. to authenticate physical products, verify identity or diplomas, etc.

These functions are to be democratized in the future, and new uses could also arise.