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.
Some people been saying or lets say about using up our own common sense in regarding with those ridiculous NFT art prices on which this one basically involves with that money laundering. Ex. with that banana bought by Sun then you could definitely say that who would be the fuck that eating up that banana that cost up millions? or even into those NFT pixelated images do have those ridiculous millions of dollars in value.
When it comes into trend and hype then it did create out that kind of bubble but on the moment that the market being saturated or being flooded out by lots of NFT's then expect that it will burst that bubble and it did happen. Tons of those people who had been collecting those expensive nft's ended up on having that huge loses basing up on what they had invested. For those who do able to get out at the right time then they are the ones who do made out such huge money. Speaking for Opensea or any other platforms out there, then it will be just that normal that they will be trying out to make up such switch up on which it will be basing up according into the trend. In speaking of business then they would be needing to jump from one trend to another if they would be needing up to sustain on which its just that a normal thing for a business to do. If a certain trend is over then trying out to get grasps with the new one and the business continues as simple as that.