In short: The NFT industry, which gained significant traction from investors over the past two years, is now experiencing declining prices with several top collections losing over 95% of their value in Ether in 2023. However, some investors see the price decline as an opportunity to accumulate while new investors are still moving into the space. NFTGo's quarterly report noted that despite the decline, the number of NFT holders has grown by 90% over the past year, while sellers increased by 32% and buyers decreased by 30%.
Our quick analysis:
If you've been following the non-fungible token (NFT) market lately, you might have noticed that many popular collections that once soared in value are now taking a nosedive. It's certainly not great news, but before you lament the end of the NFT era, let's take a closer look at what's happening.
According to HashBastards NFTs, some of the top collections in 2022, such as Invisible Friends, Doodles, Goblintown, Moonbirds, and others, have lost over 95% of their value in Ether this year. Ouch. Even the community-centered Doodles collection saw a significant decline, dropping over 90% from its 2022 floor price.
But wait, there's more. NFTGo's quarterly report revealed that the bearish crypto market trend in 2022 impacted the NFT space, with blue-chip collections plummeting by over 40% of their value. However, the report also noted that some investors are taking advantage of the lower prices to accumulate more NFTs. Even crypto skeptic Peter Schiff got in on the action, launching his own NFT project on the Bitcoin blockchain.
So, what's the bottom line? Well, while no one enjoys seeing their investments take a hit, it's important to remember that the NFT market is still relatively new and volatile. Prices rise and fall, and there's always a chance for a comeback. Plus, with new investors still jumping into the space, it's clear that the market hasn't lost all of its appeal.
So, is it time to panic or pounce? That's up to you, but maybe hold off on the panic for now and keep an eye on the evolving NFT landscape. Who knows, you might just catch a hidden gem at a bargain price.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
If you've been following the non-fungible token (NFT) market lately, you might have noticed that many popular collections that once soared in value are now taking a nosedive. It's certainly not great news, but before you lament the end of the NFT era, let's take a closer look at what's happening.
According to HashBastards NFTs, some of the top collections in 2022, such as Invisible Friends, Doodles, Goblintown, Moonbirds, and others, have lost over 95% of their value in Ether this year. Ouch. Even the community-centered Doodles collection saw a significant decline, dropping over 90% from its 2022 floor price.
But wait, there's more. NFTGo's quarterly report revealed that the bearish crypto market trend in 2022 impacted the NFT space, with blue-chip collections plummeting by over 40% of their value. However, the report also noted that some investors are taking advantage of the lower prices to accumulate more NFTs. Even crypto skeptic Peter Schiff got in on the action, launching his own NFT project on the Bitcoin blockchain.
So, what's the bottom line? Well, while no one enjoys seeing their investments take a hit, it's important to remember that the NFT market is still relatively new and volatile. Prices rise and fall, and there's always a chance for a comeback. Plus, with new investors still jumping into the space, it's clear that the market hasn't lost all of its appeal.
So, is it time to panic or pounce? That's up to you, but maybe hold off on the panic for now and keep an eye on the evolving NFT landscape. Who knows, you might just catch a hidden gem at a bargain price.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
0 Comments
Please, behave!