Are NFTs still a thing?
During the last bull market, NFTs had a perfect time; billions of NFTs were sold and transactions on several blockchains. Today people start to wonder if it is still a thing or not because things have slowed down a bit in the NFT world. I would like to say that NFT has a massive use case for digitalizing things but at the same time, people also exploit it with bad use cases. Now many people know the actual use case of NFTs and that can be a good reason why it can be used for sensible things in the future.
In the next bull market, the contribution of NFTs would be great and many people and developers might start becoming serious about their NFT investments. There are a few regrets from many people who bought some random NFTs during the previous bull market and watched the price go down very badly. Maybe those NFTs are fully gone and may not recover even in the next bull run but the good thing is that people have learned a lesson and would start investing in the right NFTs.
Why is NFT a good thing?
After all these things people may not believe in NFTs and might think that it can be just another scam. But there are the right ways to use NFTs. One of the biggest use cases is to digitalize real-world things and make sure many people own them by paying for them. With NFTs the possibilities are enormous. Game assets are one of the best use cases for NFTs. Games will always need assets and these assets when used from a blockchain can attract people who would like to explore this technology. Having game assets as NFTs and providing an option to trade them with other players is what makes blockchain games a good earning avenue. Along with play2earn features, this is also an excellent thing to keep the players happy and occupied.
NFTs are way more than just digital arts
People started digitalizing many things during the pandemic and they sold them as NFTs. One of the important things that were digitalized was the artwork. People used NFTs to digitalize their artwork and sell them. So many people were interested in purchasing that artwork. Even though a significant decline followed, seriously NFTs started with a big bang and have created a great avenue for the explorers.
Unique use cases for NFTs
One of the biggest demands in the NFT world is to have some unique use cases for NFTs. This will make NFTs more special compared to how it is being treated right now. Many projects have also declined after the previous bull market and that has also made many NFT projects vanish. Instead of having a very common NFT thing, it is good to have some unique use cases for NFT projects. Not just the lack of unique use cases but the market trend was also another big reason why people were not interested in NFTs and things slowed down a little bit.
Everyone hopes that the new market will bring a lot of fortune. When the price starts increasing and the concept of NFTs also matures, there will be a great demand for NFTs in the future.
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NFT's can be extremely useful when used for actual useful things like tickets, memberships, etc. The problem is they got a bad name with all the 'Beanie Baby' jpeg craze that the good usecases were completely overshadowed and now they have a bad reputation. Maybe having a quiet market for NFTs this time around will be a good thing for those trying to build solid use cases for them. But I will say, I am all in on EVM chains for NFTs because of the different things I can do with the smart contracts vs just a json data entry as the ones on Hive are.
Hopefully there will soon be genuine NFT projects slowly blooming and hopefully people become more sensible while investing in NFT projects.
We'll see
I don’t want to say that NFTs have a bad reputation but it is mostly being rugged. I have invested in so many NFTs and the majority of them are being rugged and that’s why I don’t want invest in it for now
I hope it does better
My only NFT investment that is doing well is in dCITY.
Oh nice. I haven't checked my dCity NFTs. It's been a while.
Great topic! For now I only believe that the NFTs of various blockchain games can have an intrinsic value
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I have SOME NFTs but don't know how and where to use them... !lol
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I think a rebranding of NFTs are required so the previous stigma associated with the term isn't thought of when talking about it. There's also the concept of 'Ownership'. What can a holder of an NFT do with their token exactly? Could I perhaps print out the image for my own personal use because it's within my possession? Or would it be alright if I started a business with the mascot or logo being the NFT I purchased?
The contracts for an NFT purchase are loose on their definition of 'Ownership' as sometimes the creator has limitations on how an NFT can be used once it's bought or some other prospect that withholds free use of an NFT in any regard.
The concept seems sound but the early rush really screwed up a lot of meaning behind the idea. There must be more clarification and definition on how far 'Ownership' goes with an NFT.
Thank you for your post! It's interesting seeing how NFTs evolve and how others view them after the early rush of Cryptocurrency and digital assets.
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