Quote from: Xal0lex on October 22, 2023, 07:01:50 PM

Quote from: Rupok on October 17, 2023, 04:42:30 PM

Everyone once had a positive perception of NFT but now it is not possible for NFT to regain its credibility. When NFTs were on hype I expected good profits, but now NFTs are not as hyped as before. Now I think NFT-Investment has very high risk. It is true that 90% of NFT are sitting at zero now. The NFT market will not be able to recover so easily. Although I was not bullish on NFT from the beginning, and I do not advise anyone to invest in NFTs. NFT used to be a great technology but now it is being misused, and most of the scammers are getting into NFT. I have several NFT in my wallet that have been sent by scammers.

There's always a false sense of some value on a hype, that's why people easily invest in all sorts of shitcoins. The problem with NFT isn't that it can't recover that fast, it won't recover ever again. At least in the form it was in 2021. All those projects will never again be worth the money that was asked for them in 2021. Exactly the same story that happened with ICOs in 2018 happened. Those coins never recovered, in their bulk, and died completely.

I cannot help but wonder how much money some people must have lost in all this. Some people were so into the hype, I remember someone buying an NFT for 276 ETH or something and the value of that was above $400k at that time. I'm pretty sure that the same NFT isn't worth a few thousand dollars now since no one would even be ready to buy it for that much since the hype is already over and NFTs that were valued so high are considered overvalued now.

This is the reason why it's always important for people to take calculated risks so that they don't waste a lot of money just because they see a lot of hype in a certain thing, meme coins these days are going through the same phase and a lot of people are investing a lot of money that they will regret later.