The price of NFTs is already collapsing, what future for the metaverse?

The price of NFTs is already collapsing, what future for the metaverse?

After breaking records in 2021, the price of NFTs has collapsed since the start of the year. The end of a (short) era?

Is the NFT market already on the decline. Early last year, non-fungible tokens hit record sales, at times exceeding millions of dollars. These supposedly tamper-proof, blockchain-enrolled, digital works of art had a global but perhaps short-lived moment of glory. According to a report published on May 5 by the monitoring platform chain analysis and reported by The worlddigital property certificates show a serious downturn since the start of 2022and the trend could worsen in the coming months.

How to create (and sell) an NFT on the blockchain for free?

Are NFTs really dead?

The alarm bells rang just a few weeks ago, last April. We then learned that the NFT of the first tweet in history, sold for $ 3 million in March 2021, no longer managed to interest buyers. Worse: just a year after its historic sale, the auctions linked to the digital certificate did not exceed 10,000 dollars, or 300 times less than its starting value.

However, things had started very strongly for non-fungible tokens, to the point that even some large historical auction houses such as Sotheby’s, Christie’s or Phillips had decided to venture into the field of Web3, for several million dollars in sales. related to NFTs. Despite a very irregular trend from month to monthmarket growth remained undeniable, marked in particular by the launch of several successful collections, such as that of Bored Ape Yacht Clubrecently brought back to the fore by Elon Musk.

However, for several months, and despite some initiatives such as the recent launch of an official collection imagined by the Vatican, the NFT market has experienced a serious downturn. Between February and March 2022, transactions recorded on the blockchain went from 3.9 billion to just $964 million. A trend that could be confirmed in the months to come, unless a new phenomenon comes to disrupt the sector upwards. In mid-April, Yuga Labs put up for sale several virtual plots of land from its upcoming metaverse project dubbed Other side. Everything seems possible.

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