There was a strong mismatch between floor prices and what people were willing to pay for NFTs, driving prices lower after the hype died.
The analysis suggests a demand-supply problem in the NFT market that widened with the diminishing popularity of the collectibles. For every NFT sold, four more NFTs weren't, making it a lop-sided buyer's market that had ample choice before purchasing.
Another reason was the inflated valuations of the NFTs themselves. The report cites MacContract on Ethereum as an example, with a floor price of over $13 million but only registered sales of $18. This stark discrepancy between the floor prices and sale data shows that there was never genuine buyer interest for all the NFTs.
Like cryptocurrencies, NFTs, too, attracted a bad rap for their carbon emissions. While these were just a fraction of what it took to mine crypto coins, NFT mining has consumed more than 27 million kWh of energy, the equivalent of annual emissions from over 2,000 homes in the US. dappGambl, however, isn't ready to call this the end of NFTs. The site remains confident that the underlying technology can still find applications in areas such as gaming, fractional ownership, identification in the digital realm, and tokenization of real estate deals.
For NFT creators, the analysis suggests that they create tokens of value that are historically significant or are genuine art. I guess that settles the debate on whether the BAYC could be considered the art of the new generation.
France Dernières Nouvelles, France Actualités
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