It seems like we’re finally past that phase of Twitter wars over profile pictures with various silly-looking apes. Those against the concept can finally say they were right all along, while those who did invest are more busy dealing with the losses. After the end of such a journey of ups and downs, could we really say that this is the end of the road for NFTs?
Interest is at an all-time low. Jack Dorsey’s NFT failed to get a bid higher than $14,000, despite being purchased in March 2021 for almost $3 million. Everyone seems to have unanimously come to the conclusion that NFTs are no longer popular or profitable. NonFungible’s 2022 Q1 report will paint a rather sad image as it talks about the current state of the NFT market and its future.
Why are NFTs no longer relevant
The biggest issue with NFTs is the lack of actual meaningful uses. To many, the whole concept of NFTs and Web 3.0 means being able to buy NFTs that would give them commodities that had some real-world value, not the artificially inflated values attributed to image files. When it came to gaming, NFTs could have been implemented in a much better manner. We have the example of Ni No Kuni: Cross Worlds, which recently came under the spotlight for broken monetisation owing to its NFT and crypto elements, and before that, Ghost Recon: Breakpoint, which Ubisoft pretty much cut away after a lot of negative reception owing to its flopped rollout of NFTs.
Another primary reason is the lack of trust. At some point, NFTs and crypto also became unanimous with scams and MLM schemes, with influencers pushing unverified projects while accusing doubters of “spreading FUD” (FUD stands for Fear, Uncertainty and Doubt).
More often than not, everyone has ended up with messes like Pixelmon NFT, Lana Rhoades’ NFT project and Floyd Mayweather’s NFT project. These scams are just the tip of the iceberg, in fact. These incidents have really built up, leading to the end of the road for such tokens.
The entire market is down right now. However, that has happened before. The stock market goes up and down all the time. Economically, everyone is not exactly having a great time right now, which also happens every once in a while. Cryptocurrencies might also see a resurgence in popularity. However, NFTs get harder and harder to justify with every passing day and might not make it out of the grave they’re currently in. It’s not completely impossible but all things considered, we’re not looking at a very bright future here. Quite the opposite in fact.
Do you think it is really the end of the road for NFTs? Let us know in the comments below!