NFTs Crashing: End of an Era or a Temporary Downturn?

Has the era of the NFT come to an end? Check out the video to learn why.

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So NFT, which stands for nonfungible tokens, became popular last year, thanks in large part to the $69 million sale of a piece of NFT art.

NFTs accounted for more than $17 billion in sales last year. However, the market has already dropped by a staggering 92 percent. Is it safe to say that the era of NFTs has come to an end?

Industry insiders will quickly remind you that video games like Grand Theft Auto, Roblox, and Fortnite already make billions of dollars in in-game sales each year.

And, unlike NFTs, you don't actually own the goods you buy in those games. Consider how much money future game companies could generate if they adopted NFT technology and gave customers ownership of the virtual assets they bought in those games.

Then there are the numerous intriguing uses for NFTs, such as event ticketing, music, fashion, and even real estate. The NFT’s Blockchain-based authentication would be beneficial to all of these groups.

So what do you think will NFTs? Will they go the way of the beanie babies or are we just at the beginning of the NFT revolution? Let us know in the comments below.

#nft #crypto #investing