The NFT Market Has Collapsed

[The Deadman]

According to Kotaku of all sites

https://kotaku.com/the-nft-market-ha...content=kotaku

Does anyone remember March 2021, when some techbros and artists were convinced that NFTs (Non-Fungible Tokens) were going to change the world? Well hi, it’s now June 2021 and the bubble has burst. I know, I am surprised as you are.

Despite clear evidence that the entire thing was “at best a scam and at worst an impending environmental disaster”, some folks were just too seduced by the promise of something new/making money, and for the briefest time literally hundreds of millions of dollars were sloshing around the world in exchange for videos people didn’t own, or certificates of authenticity for jpgs and gifs.

That golden age is now over, though, as we can see in this comprehensive study of recent sales data by Protos. It covers a lot of bases, but the most important figures are:

The overall NFT market has suffered a “near-90% collapse” since its peak.
That peak, May 3, saw $100 million in “crypto-collectible” sales in just one day. There has been just $19.4 million in sales in the past week.

NFT art sales are even lower, plunging from single days with millions in sales to just $3 million in sales globally for the past week, and that’s including both primary and secondary sales.

The number of active NFT wallets—the accounts being used to purchase the tokens—has fallen from over 12,000 to 3,900.

[IMJ]

I think in the long run, there is a place for the blockchain in collectibles and that NFT's do have a shot at changing those markets - especially things like the collectible card markets which are already embracing the tech.

But obviously what was going on with NFT's the last months was market mania. Blockchain enables actual ownership of digital materials like NFT's, but - I think they are better off as cool novelties than trying to pass off as multi-million dollar art. Let's face it - all it takes is for someone to create an animated GIF of your "live NFT" and blockchain or not - someone else has a version of what you "own".

But NFT's could really transform the digital card and comic collecting world. I respect it, but I'm still in for my physical things.

[sdp]

ah yes Kotaku, a source known for their integrity and understanding current trends.


Oh no? NFTs are a scam? Oh no Bitcoin is a scam too? I better sell everything.



I'm not a big fan of NFTs because I think the tech will be misused and abused by big companies but it'll definitely revolutionize the industry. Betting against blockchain is as silly as betting against the internet in the late 90s after the .com crash.

[Cryomancer]

Good? Wasteful trash. Just buy art from an artist if you want to buy art. You don't need to spend a neighborhood of electricity or whatever to get a json file that links to a site that links to another site hosting the file that can easily be changed over time.

If you want special secret art that only you own, then commission it from an artist.

[Papenbrook]

Originally Posted by Cryomancer

Good? Wasteful trash. Just buy art from an artist if you want to buy art. You don't need to spend a neighborhood of electricity or whatever to get a json file that links to a site that links to another site hosting the file that can easily be changed over time.

If you want special secret art that only you own, then commission it from an artist.

Agreed. I think that it's a ridiculous trend that will definitely inflict harm on not only the economy, but on the environment as well.

Hopefully, it will burst like a bubble.

[sdp]

You don't have to worry the NFT market collapsed 6 months ago as we saw when this thread was made.

[Sumac]

How NFT hurts environment?

[sdp]

Originally Posted by Sumac

How NFT hurts environment?

NFTs use blockchain tehcnology and some blockchains use Proof of Work which requires computational power, the larger the blockchain the more computational power. When you have huge blockchains like bitcoin or etherium 1.0 they use a lot of power to run.

Now, there are various solutions being worked on for blockchains to become greener that are already implemented, being implemented or will be implemented. Second the data used in articles to demonize technologies emerging from blockchain like NFTs is misinterpreted on purpose to make it seem like it's bad and it doesn't take many factors into consideration like how much of a carbon footprint do current methods use when compared to blockchain or that the blockchain is not only doing "one" specific task when it builds blocks (like measuring the entire environmental cost of one train from one part to the other and one passenger and not every passenger and all the supplies it might be carrying) for example.

Some "higher" people just don't like blockchain and they've been attacking it for years and since we live in a world where things are "good" or "bad" people just spit out whatever the article of the views that they follow without actually doing any research. No different than the anti-vaxxers for example with their faulty logic but they go on to post about how they're correct. Just look at how Papenbrook has some type of vendetta against it when she has never owned an NFT or really understand the technology but she is 100% against it and I'm sure influencing others to hate it as well based on her posts.

[IMJ]

As with all things, leftie mouth-breathers want to cancel anything they can label as "evil" instead of understanding the paths and curvature that is needed for any new technology to grow, be refined and optimized.

If people like that had their way, humanity would get nothing done other than whatever is called for by the cult of social justice according to their own judgement.

NFT's are in an experimental phase right now, being mostly adopted by artists looking for a new outlet. As the technology evolves, NFT's will have a place in society that some of the posters in this thread can't even conceive right now. All they see is "the evil carbon molecule" - the one piece of information they've retained from somewhere and are now fixated on that singular point for lack of any other understanding. Like children do.

[sdp]

by the time the average normie starts using NFTs and the like it'll be like buying any skin in a video game or a movie on itunes. They won't even know or care how it works.

[Papenbrook]

Don't worry. People of all affiliations are getting in on this sickening trend.

I'm just glad that some of these people/companies are pushing back.

Edit: By the way, what's a Metaverse?

[Sumac]

Originally Posted by Papenbrook

Don't worry. People of all affiliations are getting in on this sickening trend.

What is your problem with NFT, outside of supposed harm for the universe, because, of bunch of computers working very hard somewhere?

[IMJ]

Originally Posted by Papenbrook

Don't worry. People of all affiliations are getting in on this sickening trend

Strong opinions about this content from Papenbrook, as if informed and standing her proper ground as if some kind of a "thought leader" in repetition. Also projects her ivory tower "disgust" in making her big stand regarding NFT's.

Immediately follows up her position of wisdom on the topic with:

Originally Posted by Papenbrook

Edit: By the way, what's a Metaverse?

And in doing so, is immediately revealed in truth.

Look the truth is that most people would probably still disagree with many of your opinions here, but also not really care that you have them. Your problem with this, much like one or two of the other low-thought, low-esteem women here with gout problems, is that you present this stuff with some kind of positional fortitude as if you are making your big stand, over A) routine nonsense and B) as if you are deeply informed and absolutely right on any given topic. That's actually the issue. As for your opinion on NFT's, that of itself should be no big deal otherwise.

Just something to consider before you weave an intricate rebuttal to me, trying to gaslight any other time I've succinctly buttslapped a Dromer idiot with reality.

[Roseangelo]

No one who understands anything about collecting ever took NFTs seriously.

[IMJ]

Originally Posted by sdp

visual internet

Probably a typo, but you mean virtual internet, I'm sure.

[Papenbrook]

Originally Posted by sdp

visual internet

Originally Posted by IMJ

Probably a typo, but you mean virtual internet, I'm sure.

That sounds ... dystopian.

Why is the future already bleak?

[sdp]

Well I'm sure people would say the same thing if you had told them in 1995 that everyone would be using the internet, they'd imagine what is available at the time those big computers with monitors and people spending most of the day looking at their screen. It really didn't reach mass adoption until the formfactor changed to smart phones in 2007 and social media became a thing most people jumped online for.

So yeah, we are in the beginning of all these emerging technology vr, blockchain, ai etc and whatever formfactor that is "sexy" for the masses is what will define what Web 3.0 is for "normies", the "metaverse" technically already exists today, it's the same thing you see whether on Oculus or even stuff like minecraft even though that game is over a decade old.

Originally Posted by Roseangelo

No one who understands anything about collecting ever took NFTs seriously.

ok boomer

[Papenbrook]

It's just that, the world is already worsening with the existence of the modern internet.

Web 2.0 started off with a promise: a commitment to a superior method of communication and education that would eventually go on to aid the general public. Then, that oath quickly went out the proverbial window, so to speak. Our path was misdirected with the creation of social media, video building, and virtual celebrities ( real and artificial ).

With the Web 3.0 being rumored to be a "metaverse", I fear that the future of our society will become bleak. Imagine modern social media and modern real-life phenomena combining into one. That's a harrowing vision, at least to me.

The internet was truly the harbinger of our societal woes. I truly ponder if that was an inevitability, however.

[IMJ]

The internet at large has improved society and the average life for the majority of it's functionality. Instead, the detriment to most advancements is the human user component. There has always been a low-information or bottom-feeder or problem-person population amidst the entire population of Earth across history.

The internet simply gave everyone a voice and therefore now we see more of those people routinely to an extent that we didn't know existed before the internet. Because now they aren't just that work provocateur you dealt with, or the random weirdo neighbor. Instead they homogenize on Twitter, or in the deeper, weirder fandoms where it would make sense that certain kinds of people go to.

The internet isn't the problem. The online conflicts are not born of the internet, and not even born of opinions. But instead born of emotionally-corrupt, low-information behavior that leads to people digging in on their mental algebra which is enhanced greatly by low Emotional Quotient. The internet, the metaverse, crypto, NFT's are not the problem. The fact that every level of society has access to these things indicates that the problem-people are the problem, as usual.

[The Deadman]

Originally Posted by Sumac

How NFT hurts environment?

NFTs caused global warming