Hello guys,
Let's take a deep dive into the NFT market and investors thoughts.
Back in the day, I was one of the people who was amazed and surprised by the amount of craze and market cap that was covered by the NFTS, and the market was full of deals worth millions, and even celebrities were part of that excitement for the NFTS. I also wanted to start my own collection and invest in different good projects that could give me a good result in terms of money and opportunities in the metaverse, but as soon as I started to invest, the market crashed and is now down almost 79%, and about 73,000+ NFTS are worthless. Even the big arts that sold for millions are now between $5 and $100 only.
NFTs are something called digital artwork that can't be duplicated, has its own unique signature in blockchain, and has a value in crypto.
In the year 2021, at the peak of the bull run where cryptos are failing but the NFTS market is booming, some of the major projects, such as Bayc and CryptoPunk, sold for millions, but now they are worth $6000.
More than 24 million people are holding worthless artwork; about 79% of the market has been crashed, which has a worth of about $2 billion in bull run. Not even that most of the investors are not willing to engage and invest more because of losses and supply-demand ratios that are also failing the market and investors trust, but still, most of the holders are looking for a new bull run that can peak out the market, which is never going to happen.
In my opinion, NFTs are just a scam that hyped up Web 3.0 and Metaverse by putting up high funding in the name of art and wielding tokens that end up draining the money of people by big dumps of tokens by the creators.
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