I still recall the NFT hype of few years ago. It was the most popular form of digital art then, thought it will stand the test of time probably 10 years but unfortunately today NFTs have not only faded, it has lost value. Few years ago when NFTs were making headlines, people bought them at ridiculous prices hoping to get rich quick on the long run. At some point it was sold at fund raising events which was cool.
I still recall when the internet when Justin Sun bought a banana-on-a-wall art piece for $6.2million, in his case he didn’t buy it for profit he said he bought it because the piece represented a cultural phenomenon that bridges art and the crypto community. But presently i think it’s safe NFTs don’t stand a chance to go mainstream anymore, even though they were seen as a key part of Web3 ecosystem then, it doesn’t hold no real utility to make it significant now.
I wonder if OpenSea and Doodles still generate enough revenue from NFTs anymore because now everyone cares more about AI, ChatGPT than NFTs.
Not sure how long have you been here in the market, but usually every cycle, we have this hype project that will come along and will really be hot and make a lot of money specially for early investors or who knows how to play the game. Just like it's predecessors of play to earn or tap to earn hype, late last year it was that hype with Notcoin but then it just disappeared. If no one is making money on NFT now, then for sure it's just a matter of time before OpenSea will have to close it's door for losing a lot of money. But hopefully those early adopters might have made a lot of money from the craze NFT and then invest wisely again. So let this be a lesson as for sure there will be another hype next cycle and we should know the drill by now.