If am not mistaken, I know how NFT was booming in the crypto industry in the year 2022 their about, and considering all the hypes about it, I initially thought that by now, most NFT would be competing with most of these top crypto asset, but fast forward from that time to now, you can bearly hear of NFT in the crypto market, or is that they were over hyped, or it was just a means to make money then?
I don't really knows what happens to the NFT market but I am just curious to the stunt in growth of NFT and what really happens.
What happened is easily understandable, people over-estimated the use case and the value of NTFs and used for highly risky speculation instead for what it was supposed to be used. NTFs has good applications, thanks to the Blockchain they could have been used to prove ownership of anything in a decentralized way and interact with smart contracts to do exchange of ownership, those kind of things have real world applications. But Instead giving attention to those applications (which would have improved commerce and the sense of ownership in the world) developers came up with silly ideas like "Play-to-earn" and played with artificial scarcity of NTFs collections, just for people to speculate and try to get money out the pockets of others.
It was a clasical bubble we all witnessed, as it stands today NFTs continue to exist, but they are not even as important as they used to be.
Hopefully, since most of speculation is gone now, developers will focus on what actually do NFTs useful for society, instead of trying to sell ownership of a .jpg for hundreds of thousands of dollars.
Totally just that a pure hype or bubble and there are tons of investors who do end up on purchasing those shit pixelated images for millions of dollars but ending up now on having those worthless NFT's on which shows that the bubble had already that burst. Somewhat there are still some projects which do have that essence of NFT and still have some considerable or significant amount but still ending up on the same scenario or condition on which these value goes down into the floor or simply dies. I dont know on why there are still people who are that fond on dealing up with NFT's but ending up on losing up its value in the end of the day or when the time comes and they would be having those sayings that they shouldnt have that invested earlier on whereas, we are the ones who do make out decisions of our own. It is just that there are people who are that loving to take up some risks or diving in.