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.
NFT burst that bubble into that previous cycle and for those who had been dragged with the hype are the ones that suffering with those huge loses and to those who had been able to sell out their NFT's with those million of dollars wayback then thats indeed the wisest thing that they have done.
Actually my first impressions towards it on which into those images with having those ridiculous prices on which it do made out some questions into my mind on how the heck they would be having those kind of pricing if someone could easily make a new one and then post a price into it and crazy thing that there are those people who do buy with those with millions of amount on which it is that absurd. You would be having those questions in mind on where they do get those numbers. At the time the bubble burst then it do get left behind into those people who had dive in into the hype and now they've been holding some worthless piece of pixelated images and seeing their massive loses into it on which there's nothing we can do about it but to move on because if you do keep on looking back then you wont be able to move on or move forward.