Whatever Happened To NFTs?
Not too long ago, we were seeing headlines about hype NFTs like bored apes and crypto punks selling for over half a million dollars. But, ever since the crypto market started to crash, so has the NFT market. Ironically, the floor price of many of these NFTs hasn’t changed all that much due to low volume. However, given that the underlying crypto which is usually Ethereum has crashed by 80%, the overall price of most NFTs has also crashed by 80%. While this may be rather painful for many speculators, this is likely a good thing for the NFT market as a whole. You see, the primary purpose of NFTs is not to buy overpriced jpegs and flex on social media. Rather, NFTs have a slew of legitimate use cases such as proof of ownership, monitoring the supply chain, and keeping track of records and credentials. These were the reasons that NFTs were originally created, but over time, the more speculative side is what they’ve become known for. This video explains the true purpose and potential of NFTs and why the recent market crash is just what the NFT market needed to reset and move forward.
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Timestamps:
0:00 – The State Of NFTs
1:47 – History Of NFTs
4:32 – Legitimate Use Cases
7:14 – The Needed Collapse
9:39 – The Future Of NFTs
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