While 2023 will be quite challenging for NFTs, uncertainties regarding the future of the market continue. There are different opinions about the future of NFTs. Some analysts state that the NFT market is a bubble and is dead. It is also among the comments made that the NFT market is not dead and has just gone into rest mode for the future periods.
Remarkable review for NFTs
Web 3.0 incubator Cumberland Labs COO Tama Churchouse stated that the market was in a difficult situation during the NFT winter, but signs of life continue. In his article to Cointelegraph, Churchouse compared the developments regarding NFT with Bitcoin. “Headlines predicting the death of Bitcoin are nothing new,” Churchouse said. “Over the past 10 years, we have seen every imaginable permutation of why Bitcoin is dead,” he said.
Churchouse stated that the blockchain industry and commentators are making similar scenarios with NFTs. Churchouse said, “NFT transaction volumes were approximately $1 billion per week in 2021. Today we see that it has fallen below $100 million. “The situation is dire, but peaks and valleys are nothing new.” made his assessment.
Drawing attention to the generalization that ‘NFTs are dead’, which is common today, Churchouse noted that signs of life continue for those who are curious and open-minded. Churchouse stated that NFTs will not disappear considering what they are and the basic technology they offer. He added that weak teams, fraudsters, imitators and fast money from the market will be a thing of the past.
In an article published in Rolling Stones magazine last week, it was claimed that 95 percent of NFTs were worthless, and the source for this figure was the report prepared by DappGambl on the subject.
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