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  • The #NFT sales are down 92% compared to their peak in September'21. Is the hype over?

    Daniel Engels
    52 replies

    Replies

    Dhruv Bhatia
    Been feeling the same for a month or so
    Jiho
    finding the new trend of nft
    Sean Tiffonnet ▲
    The Wall Street Journal just published an article claiming that NFT transactions are flatlining, which appears to be totally based on incorrect data from http://Nonfungible.com (compare with on-chain @.DuneAnalytics data). If you look it up, all the numbers are showing the opposite..
    Daniel Engels
    @seantiffonnet that might explain the discrepancy of data @product_at_producthunt
    Michael Silber
    @seantiffonnet @daniel_engels Yeah, this is what I had seen on twitter. It's unclear to me which source would be more correct. A lot of different agendas here...
    Michael Silber
    @daniel_engels can you cite the 92% stat? I've seen conflicting information on this. It definitely *feels* like hype has died down, but I know a ton of people who are sticking around.
    Paul Hart
    NFTs as a utility for creative endeavours was long overdue to cool down. As they relate to DAO and real business creation… that’s just getting started. 👍 Go check out what @gabelunao and the crew are building over at @usebraintrust as exhibit A. 💯
    Maya Ben Zid
    A remote working solution.
    A remote working solution.
    I think there are several reasons for this. Number one, NFTs go hand in hand with the metaverse and since the idea of the metaverse is past its first hype, it makes sense that so are NFTs. Number two (key) is that a lot of people still have no idea what NFTs are and what the point is. If we want to bring the hype back, we should do a better work in educating the general public and focus on finding easy-to-understand applications for NFTs. So far, in a layman's knowledge NFTs are a crazy hobby for the rich while they could be a lot more.
    Daniel Engels
    @maya_ovice didn't the NFT hysteria start before the metaverse thing?
    Aditya
    Product Hunt
    Product Hunt
    This sums up my experience 👇 Kudos to Open Stickers team (@anastasiya_yavorskaya, @shepovalovdenis, @hellobaha) for these super cool stickers ✨
    Paul VanZandt
    I think for many retail purchasers of NFTs the "gig is up" with their current application. I think we'll see some innovative uses for them by businesses and artists, but in terms of the way they've been used up until now, I think people are mainly over it.
    Daniel Engels
    @paul_vanzandt I think the vast majority of buyers don't even understand how NFTs work.
    Paul VanZandt
    @daniel_engels Definitely. I'm not a buyer and I'm still learning how they function too.
    Firmao
    I think that everything has noise and decline sometime, maybe this topic will come back like Fenix.
    Daniel Engels
    @prudy_cipriani it's always cycles until the last cycle
    Bernadette Cau
    It's not over yet. Any minimal attention spike might launch a new wave of hype
    Aaron Marco Arias
    That's a great question. As someone who regularly works with Web3 projects, I think that NFTs have a lot of potential as a concept, but their art market application isn't the best one. Like a lot of other things, it's better understood as a niche solution to specific problems rather than something that everyone should get onboard with. And I don't believe them to be a good option for a first-time investor.
    Daniel Engels
    @aaron_arias maybe people just had too much extra money to gamble...
    Jamie Green
    When the majority of NFT twitter comments become jokes about how you can just control C + control V, the hype is up The value of NFTs in the gaming space will be interesting to watch but the broad community positioning has definitely become more skeptical after seeing the failed promises and rug pulls
    Daniel Engels
    @jamie_green1 for gaming, collectionable items existed long before NFTs. Remember the Pokemon mania.
    Fares
    Personally I didn't understand anything about NFT, after I admit that I wasn't interested in it at all :D However. the 1st wave passed as you say, but the valuation experts saw an interest in it and strong gains. they will get started. therefore less mass business and more, many more big deals initiated by the pros
    Fares
    @ketan_pandit1 I don't know if this is stupidity. speculation with all the adrenaline that this can cause! Or just missed something that I can't figure out.
    Ketan Pandit
    @fares_aktouf Likewise. I just couldn't get the hang or the hype about it.
    Adventurous-Green420
    NFT is good and all when it comes to artists that deserve it. But as of what's currently trending, most of the NFTs are just for-profit and don't even care about the quality of the work. The downside about NFT is that anyone can easily copy it. You can technically sue those who use it but would you be willing to spend the money not allowing people to use your IMG or GIF?
    Daniel Engels
    @legonaidas you can't even sue such users in most cases.
    Rich Watson
    NVSTly: Social Investing
    NVSTly: Social Investing
    Market, crypto, and NFT are all bearish (downtrend) run now.
    Daniel Engels
    @richw some part of it could be explained by the rising interest rates.
    Rich Watson
    NVSTly: Social Investing
    NVSTly: Social Investing
    @daniel_engels Oh the interest rate hike definitely had something to do with it. After the FOMC meeting on the 4th SPY (S&P 500) went up 3% which is BIG for an index. But yesterday it took a big dive after investors reassess.
    Arun Pariyar
    The tech behind NFT is here to stay but perhaps the bubble will burst or become a niche rather than main stream. However seeing the passionate community behind it I could be completely wrong 😄
    Daniel Engels
    @arunpariyar I share this feeling. I'd rather say the applications for NFT are very scarce and those investing $$$ in jpgs would have a hard time reselling them.
    Dylan Merideth
    lol it certainly feels like it! I do think the space is highly cyclical, and that there is another wave coming during a subsequent run-up in the market.... whenever that happens lmao
    Daniel Engels
    @dylan_merideth well remember the ICO boom in 2019?
    Dylan Merideth
    @daniel_engels I do! We are still dealing with the ramifications of it from a regulatory perspective. NFT/Metaverse was the boom this time in my opinion, and there will be category changing winners that arise, but in total, most of it was hype and oversupplied, diluted, and uninspired
    Igor Kyrylov
    The NFT bubble has burst. Perhaps this is a signal for the cryptocurrency market.
    Daniel Engels
    @igor_kyrylov my personal opinion is that the NFT bubble has burst, but the crypto might stay for years, with new ups and downs