What do you guys think was responsible for that drop?
Because NFT is a hoax and doesn't provide any real value for money - that's why!
I can sit with my laptop and can create thousands of images of a repist looking money using Adobe illustrator and then flood the market using Polygon chain for free. What value it will provide to the buyer?
It's a hoax and nothing else! People seem to have realized it finally!
This is the one, NFT's have absolutely nothing at all, and that's why I think we should consider how things could change and we should definitely consider how wasteful that period was and how people just freely gave money away for no return. Makes absolutely no sense why they actually believed that some ape on some digital screen would worth hundreds of thousands of dollars.
I mean it was obvious from the start and yet they still believed in it. And the worst explanation I got was "bitcoin normally worths nothing neither, we make it worth something", without realizing, bitcoins are all the same, we all have same bitcoin, the idea of a unique screenshot or image being worth a lot was different and they didn't even realize that.
Bitcoin has a production cost! You need to invest in an expensive mining right to be able to mine it. Also there's a recurring cost of electricity and colling. So when an asset has a production cost, it will have value. Because a miner is not going to give away Bitcoins for free.
NFTs do not have any production cost. It can be created for free and can be listed for free. No value at all whatsoever.