Are NFTs dead in 2024? NFTs are not worthless in 2024
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NFTs might not be as dead as they appear, despite being referred to as “dead” during the current crypto winter. Even though many predicted that Bitcoin would die, the crypto world is very different today. Bitcoin is still trading at around $67,000, and the spot Bitcoin ETF has been approved.
NFTs are being criticized more and more. As stated in a recent Rolling Stone headline, “Your NFTs are actually — finally — totally worthless.” The majority of NFTs have indeed been deemed completely useless, but if you’ve seen previous cryptocurrency cycles, you shouldn’t be surprised by this.
NFTs suffer losses too, just like the ICO tokens from the 2017 bull market that died in the winter of 2018–19 and the countless DeFi protocol tokens after the DeFi summer of 2020. Over 1.8 million tokens are currently in circulation. NFTs are not an exception. The majority of tokens have an expiration date.
A frenzy of low quality supply entered the market by the middle 2021 due to the low entry barrier. This is the first winter of NFT, and the conditions are similar to those in previous cycles.
NFT has seen a decrease in advertising. NFT trade volume was around $1 billion a week in mid-2021; it is now less than $100 million.
But NFTs are not “dead,” if you keep searching, you’ll find more and more indications of life. PayPal has submitted a patent application for a purchase-and-transfer NFT system. NFT initiatives, such as Pudgy Penguins, Doodles and Veefriends that connect digital assets with physical assets are also growing. Top auction houses work with mainstream musicians to create NFTs. Even music legends such as Justin Bieber convert songs into NFTs, which provide holders with revenue streams.
Neither blockchain nor the essential technological building blocks of what NFTs are and what they offer will “die.” They will just keep evolving, becoming just another footnote in another crypto cycle.
As we move from this NFT Winter into a new Season, you can expect more advanced and financially viable NFT projects that will enhance the ecosystem in significant and new ways.
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