Crypto Market Crashed, Are NFTs Dead too?

Terra Luna crashed from being among the top traded cryptocurrency to the depth of market dumps. Investors lost their investments worth millions of dollars. In contrast, Bitcoin is expected to fall to $8000. All this has made people wonder, are NFTs dead too? We got answers.

What Tells Us NFTs Dead? Is it the Truth?

NFT owners are wondering if NFTs are still worth picking up after the cryptocurrency market witnessed a drop in value following several incidents, like the fall of Terra (LUNA). NFTs, on the other hand, aren’t the only digital asset that has depreciated. 

Therefore, isn’t it unjust to conclude that NFTs are dead? 

NFT prices have come down as fewer people buy them. Bored Ape Yacht Club NFTs now are half the price as they were in April when they started at $400,000. Other higher-priced collections have experienced similar decreases. 

The entry fee for photorealistic Moonbirds has dropped from $110,000 to $45,000, while the fee for Reese Witherspoon’s World of Women has dropped from $34,000 to $10,000. 

NFTs are plummeting like different cryptocurrencies (Terra, Bitcoin, ETH), compounding the problem. On Wednesday, bitcoin dipped below $28,000 for the first time after 2020, and ether fell near to $2,000, a far cry from its November high of $4,600. Web3 isn’t in a good mood currently.

However, as per stats, NFTs have been around for a while, but their popularity has only just begun to grow. This suggests that NFTs existed even before they traded for millions of dollars, and they will continue to exist after the present price drop.

On the other side, a future metaverse built by Bored Ape Yacht Club developers Yuga Labs encapsulates the fortunes of NFTs in many ways. Yuga Labs released NFT land deeds for 

When the largest ever trading day occurred within the last two weeks, it’s difficult to conclude NFTs are dead.

What Makes NFTs Worthy of Trust? Top 2 Reasons

We can trust NFTs for multiple reasons. One of them is how international companies as diverse as Emirates, Visa, Mastercard, Square, PayPal, and others have embraced blockchain-based cryptocurrency as the future of corporate transactions. 

This also included NFTs as a way of monetary exchange. All of the well-known brands strive to be the first to develop and plan for the long term of NFTs.

Another noteworthy factor here is how experts or analysts perceive NFTs. They’ve discovered that cryptocurrency is the ideal way to manage customer relations. They also believe that NFTs will play a significant role in the rise of travel, media, social, and commerce. 

The other reasons to discuss are given below. 

NFTs Boost Branding

Non-fungible tokens are, without question, a tried and true model of advertising for both organizations and individuals. 

NFTs help foster healthier customer relationships with the brands by giving sufficient value to the customer base. As a result, brands would not want to miss out on the opportunity to preserve a dependable consumer relationship through NFTs. 

Gary Vee’s NFT initiative, VeeFriends, has already demonstrated the enormous potential of NFTs. This product is built around well-known property rights, and it allowed Gary to build a 150k-strong discord group in just 6 months.

NFTs are Reforming Gaming 

One of the main reasons NFTs are dead is mere hearsay is how metaverse gaming has boosted NFTs. There were hardly any games built atop distributed ledger technology than there are now using NFTs as a reward. 

With better graphics and AR/VR technology mix, thousands of GameFi, Play-to-earn, and metaverse games are coming to the launch while hundreds of them are already on the list. This is huge. 

These games work by paying the player with either the game’s native cryptocurrency token or a non-fungible token for taking the time to play and master the game (NFT).

NFTs can change the game business forever. It is now easy to generate revenue or gaming items while playing computer games with NFTs. This has given NFTs an edge over the declining crypto market. The potential to be a transition for NFTs. 

Scope:

Non-fungible tokens can now be used to make a full-time living for skilled players. This has the potential to change the game business. In the course of its operations, NFTs will attract more gamers, and as a result, game producers will benefit greatly from the rapid growth of their activities.

Conclusion

People loathe NFTs since they are generally detrimental to the environment. But, it’d be a deception to state that the NFTs are dead or the market is doing well. True, NFTs are in a state of flux. However, claims that NFTs are no longer relevant disregard a simple fact: the industry is in turmoil.

But, if you despise NFTs, you may be inclined to suggest stories of its doom.