How the hype around NFTs has decreased massively since 2021 where it was at the peak of popularity and even celebs were buying NFTs left and right. Anyways, why am I bringing this up? I was going through the pre market for Magic Eden and I actually went to check the marketplace and it reminded me of how I used to browse Opensea everyday in 2021 lol
Well , if you're still a memecoin person you'll know of Magic Eden, you know it's popular for it's multi chain functionality and that enables it to make and receive payments in a flexible manner, so it makes 5thye whole market place user friendly. It's no wonder the premarket has decent volume, around half a mil in vol
What do you guys think was responsible for that drop?
My personal opinion, this happened for 3 main reasons
1. Most NFT's projects do not have real functional utility but collective item
2. Unlike real life collective items, too many NFT is coming every year, make it less scalable and lessen its rarity.
3. The money laundering issue around it.