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.
It was tulips all along, but stupider.
Your day is coming soon, cryptocurrency.
The difference is that crypto is used to buy things. There’s plenty of stuff I can only buy via crypto.
Such as?
NFTs! 😅
Drugs and private services.
You can pay for those in cash and prepaid credit cards
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.
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.
Some crypto is actually useful. Most is not.
At least with other speculative crashes like say beanie babies you were left with a cute toy.
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.
It’s not evolution, it’s an extinction event.
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.
But someone recently said he revived the NFT market single-handedly, with people making a bigly 1000% return!
Haha nice one!
Shocking, I know.
