Image: Wallpaper Abyss

Signs that the NFT bubble is continuing to burst come as the OpenSea marketplace volume plunged by ninety-nine percent in just 90 days. NFTs exploded onto the blockchain scene in 2021. From celebrities to artists, investors, and those looking for the next big crypto venture, they seemed to be everywhere, for a while. Now it seems the honeymoon is over as DeFi, NFT, and token trading website DappRadar reported that OpenSea processed only $5 million worth of transactions on August 28. This is a pittance of the $405.75 million processed on May 1.

The once popular Bored Ape Yacht Club saw its prices drop by over half in the same time period. Others saw drops by at least twenty percent. The number of users and transactions has leveled off at about half of their peak 2022 levels but volume has clearly plummeted.

Image: DappRadar

There has always been some confusion as to what NFTs or non-fungible tokens are. This also may have led to the recent decline. As many people can barely fathom what cryptocurrency and a blockchain are, it becomes even more confusing to understand how a digital image now holds a monetary value. This, however, didn’t stop various gaming execs from trying to jump on the bandwagon. From Ubisoft, Square Enix, and even Sega, to some gaming storefronts, it once seemed everyone was ready to cash in on them. However, there were already signs in May that the NFT bubble was in trouble when one CEO saw their $2.9 million investment not get any bids higher than $14K when it was put up for sale.

Anything is possible and NFTs could see a return but as global economies continue to have stresses put on them, such things as blockchain investments will likely be seen as too risky for many without cash to burn. NFTs are also said to have ties to Ethereum which is set to enter its proof-of-stage phase this month but has seen its market value plunge in 2022 as well. There are groups within the blockchain marketplace who believe the market will rebound and are consolidating and taking, loans to bolster their ETH holdings. Meanwhile, some on social media are expressing opinions about the get-rich-quick viability of blockchain endeavors.

Source: Cointelegraph

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Peter Brosdahl

As a child of the 70’s I was part of the many who became enthralled by the video arcade invasion of the 1980’s. Saving money from various odd jobs I purchased my first computer from a friend of my...

11 comments

  1. Raise your hand if you are shocked.
    I'm shocked, after all the crypto bubble still refuses to die. The only difference between crypto and NFTs is that the former has no JPEGs. It's "worth" is still arbitrary with nothing behind it. The only reason it has value is because some idiots believe it.
  2. I'm shocked, after all the crypto bubble still refuses to die. The only difference between crypto and NFTs is that the former has no JPEGs. It's "worth" is still arbitrary with nothing behind it. The only reason it has value is because some idiots believe it.
    Info like this should hasten the demise of many ****coins. If the grandfather of them all has this problem, one can only imagine how bad it is with the rest of them.
  3. Info like this should hasten the demise of many ****coins. If the grandfather of them all has this problem, one can only imagine how bad it is with the rest of them.
    1661829975148.png

    Remember, Crypto is more secure!
  4. Remember, Crypto is more secure!
    No government oversight and regulation was the biggest pro 'argument' of cryptobros.
    Crypto was a scammers paradise for a long time, but now slowly authorities seem to be starting to investigate scams in that space.
  5. No government oversight and regulation was the biggest pro 'argument' of cryptobros.
    Crypto was a scammers paradise for a long time, but now slowly authorities seem to be starting to investigate scams in that space.
    There have been a lot of supposed benefits. For a currency that is 100% traceable and verifiable against a blockchain the fact that it can be stole is still mind boggling to me.
  6. There have been a lot of supposed benefits. For a currency that is 100% traceable and verifiable against a blockchain the fact that it can be stole is still mind boggling to me.
    Most crypto scams are rugpulls and investment scams. Meaning the victims willingly give their cryptocurrency to the scammers.

    It's not 100% traceable either, there are services specifically to launder crypto, but afaik some of those have been scrutinized and forced to shut down recently.

    Guess everyone wanting in on the craze and flooding the market destroyed it.
    The wild west nature of it is what's destroying it, and good riddance.

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