NFTs, it turns out had the same plot as the movie Weekend at Bernie’s – Two idiots try to pretend that their murdered employer (NFT’s) is really alive and yet he’s been dead the whole time.
At first NFT’s were revolutionary, but now they’re an afterthought: Non-fungible tokens (NFTs) are popping up less and less in conversation. But like Bernie, NFT’s riches and widely reached presence will die and be remembered fondly by those who were lucky enough to be a part of his crazy, fraud filled life style.
Initially, NFTs caught on like wildfire, becoming the digital collectible currency of choice for crypto-savvy investors. A handful of digital art pieces were raising incredible prices, such as Beeple’s Everydays: The First 5000 Days fetching a staggering $69 million at auction. But there’s no denying that NFTs are now slowly fading away, leaving the domain of collectibles in an uncertain state.
The NFT craze may have been fleeting, but it undeniably inspired a new wave of investors, entrepreneurs and collectors. Coders were busy crafting the perfect Web3 Apps, games and projects that turned coins into items of art, music and other objects of collectible value. The doors were opened to create a vibrant marketplace, however, that unbridled enthusiasm has now died down.
Goodbye Bernie, I Mean NFTs, You Won’t Be Missed
NFT’s sudden drop in popularity has a few explanations. The traditional forms of value, such as stocks and commodities, are likely to be the safer bet for longterm returns compared to digital assets. Given the volatility of the digital assets market, seasoned investors aren’t turning to NFTs for investment opportunities as much as they may have earlier.
A big part of NFT’s appeal was its novelty, however, the growth that was expected to come with the novelty, never fully materialized. For many people, NFTs just weren’t as exciting once their hype cooled off and the initial surge in hype and prices slowly disappeared. This could be because the lack of real-world utility behind most NFTs meant they may not be worth their cost in the long run.
Cryptocurrencies Suck
Cryptocurrencies gained their fair share of attention and limelight when NFTs became popular. While the allure of quick riches, unfortunately, proved to be an illusion, cryptocurrencies were the main beneficiary. In a way, they were the underdogs, the less flashy objects of the attention, but they’ve now experienced a surge in popularity that hasn’t gone unnoticed.
While many newcomers have been taken in by the lavish and glamorous appeal of NFTs, investors have realized that a much safer investment may be tucked away in digital currencies. Those who may have been seeking to store value in NFTs are now taking a gander at the offerings of digital currencies, such as Bitcoin and Ethereum.
NFTs, despite being a novel concept, will likely never truly be appealing for longterm investments. Conclusion Non-fungible tokens may have had a great run as the hottest digital asset prospects, but the sole appeal of novelty and temporary hype quickly fizzled out as soon as conventional investors hopped on the scene. For now, it’s adiós to NFTs, with the banality of digital currencies taking center stage. But never say never and maybe someday the titillating concept of NFTs will be the star of the show again.
