this post was submitted on 24 Sep 2023
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Technology

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81
Dead NFTs: The Evolving Landscape of the NFT Market (dappgambl.com)
submitted 2 years ago by fer0n@lemm.ee to c/technology@beehaw.org
17 comments fedilink hide all child comments
 

TL;DR: The NFT market has drastically declined since its peak in 2021, with most NFT collections having no value. There's an oversupply of NFTs, leading to a buyer's market, and environmental concerns due to energy consumption. Top NFTs also struggle to maintain value, and the future of NFTs depends on utility and genuine value rather than speculation.

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[–] Veraticus@lib.lgbt 33 points 2 years ago (3 children)

It was tulips all along, but stupider.

Your day is coming soon, cryptocurrency.

[–] Fizz@lemmy.nz 5 points 2 years ago (1 children)

The difference is that crypto is used to buy things. There's plenty of stuff I can only buy via crypto.

[–] yogo@lemm.ee 9 points 2 years ago (2 children)

Such as?

[–] Namstel@lemmy.one 20 points 2 years ago

NFTs! 😅

[–] Fizz@lemmy.nz 7 points 2 years ago (1 children)

Drugs and private services.

[–] yogo@lemm.ee 3 points 2 years ago (1 children)

You can pay for those in cash and prepaid credit cards

[–] Fizz@lemmy.nz 1 points 2 years ago

Prepaid cc have a know your customer policy most of the time and if I'm buying online they don't accept cash. Conceptually I like crypto and I'm happy to support it.

[–] jarfil@beehaw.org 1 points 2 years ago

Tulip mania speculated on the unknown future outcome of a tulip bulb.

How are NFTs anything like that? You can clearly see (and copy) the content of NFTs, it's literally the opposite of tulips.

[–] shortwavesurfer@monero.town 1 points 2 years ago

Some crypto is actually useful. Most is not.

[–] storksforlegs@beehaw.org 31 points 2 years ago* (last edited 2 years ago) (1 children)

At least with other speculative crashes like say beanie babies you were left with a cute toy.

[–] edm00se@beehaw.org 3 points 2 years ago

No kidding. Hey I've got a great idea for a new marketplace, BeaNFT. You can waste your money but get an upcycled Beanie Baby in the process.

[–] Hector_McG@programming.dev 15 points 2 years ago (1 children)

It’s not evolution, it’s an extinction event.

[–] fer0n@lemm.ee 8 points 2 years ago

Haha one would hope so. I’m not buying any of their "this is the future of NFTs" aspects either. I feel like the only thing that could work are things like in game cosmetics, but that’s controlled by one company and in an controlled environment so why would you need to have an NFT for that.

[–] paper_clip@kbin.social 14 points 2 years ago (1 children)

But someone recently said he revived the NFT market single-handedly, with people making a bigly 1000% return!

[–] fer0n@lemm.ee 3 points 2 years ago

Haha nice one!

[–] fer0n@lemm.ee 9 points 2 years ago

Shocking, I know.

[–] Pons_Aelius@kbin.social 7 points 2 years ago

I wonder what my pets.com and webvan shares are worth these days...