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 monkey 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!
NFT word is too general. It is like you are saying that cryptos or altcoins are a hoax too. I mean there are still projects under it that are legit and still running up until now. Maybe their value is not only the same as before that is still high but even a regular crypto project can experience like that.
If their devs can't do much, maybe a bull run or an alt season can help them to pump again, even temporarily only or for a short period of time. Apart from that, some trends can also come back, so what if NFT trend will also return in the future? That should help their price as well. Real money might also mean two things for some of us. It is the quality of the product or if it has a good utility. Having so will also make its price rise because it can get a continuous demand from the public.
There are people who doesn't really care about it though, so they can go for a shit coin as long as they can benefit on their pump. We whine a lot on NFT and some other cryptos but if we think about it well, things like this happens too on the real world. In the art category for example; have you heard of that simple banana artwork that cost millions or even billions? Some can think that it is another way to launder money, same impression they have in the crypto world.
Yes,if you are really that trying to look Ex. Zora in base network on which this is the latest one on which i have seen out their NFT is really that making up some noise. Its creator are really that making some good chunks of money as of this moment on which this one simply shows that theres still so much interest that we are really seeing on NFT's on which this do really implies that its not still dead and there are really that much interest of it but if we do reslly tend to compare out on previous cycle then we can really say that volume had really decline that much or something that you can make out some comparison in between. There are really those who are really that interested on dealing up with NFT's despite of the situation because they can still make money with it.
The current narrative will really be on Depins i should say and AI on where there are already some projects on which we can be able to tell on where they are really that wrecking up that much money or volume and the number of projects that do succeed as of this moment. As an investor then it will really be that important on having some in depth analysis on which one will really be that you diving into because if you wont really be having at least those considerations then you might be ending up with a bad project.