What is the future of non-fungible tokens (NFTs) market? – Money Times

Despite the decline, experts say they are confident the market will mature. (Photo: Freepack / Starline)

as well as Corrupt Asset MarketAnd the traditional one, Non-fungal tokens (NFTs) Trade volume and market value are declining.

The number of users, according to the NFTGo website Profit With this market, it still outperforms consumers, at 417,231, compared to 355,176, respectively.

However, in 30 days, the market capitalization has decreased by 25%, which is now $ 27.04 billion. During the same period, sales volume also declined by 30% to 7 4.77 billion.

Market capitalization data for NFTs (Photo: NFTGo)

The OpenC platform still represents a large part of the trading in this market. Then X2Y2 and LooksRare.

The NFT-500 Index shows that since the beginning of 2022 in the NFT market, the change in the dollar has been 45% negative.

The NFT-500 is one of the market indexes compiled by Nansen, which tracks the market activity of NFTs released on the Ethereum blockchain.

The Benchmark Index consists of 500 NFTs, weighed against market capitalization, and represents an average of 85.14% of the daily market volume as of January 1, 2022.

According to the Nintendo website, benchmarks are calculated daily and balanced every 30 days, where the components of the index are re-evaluated and balanced accordingly.

NFT-500 index from early 2022. (Photo: Nintendo)

Mercado Bitcoin’s new business executive Bruno Melanello says that although prices NFT Not linked to the prices of others Corrupt assetsSuch as a general decline in alternative and risky investments CryptocurrencyOther classes are also affected.

For this, however, well-known collections or, using a term from traditional finance, blue chips and more exhibitors, suffer less.

“This change will usually come with an improvement in economic sentiment. Not only from the corrupt universe, but also from interest, inflation, war, epidemics, elections and so on. Corrupt assets They are no longer isolated from the world, “he says.

NFTs: Eliminating a “Hype” or Technological Maturity?

Executive comments that NFTs connect with people in a more thematic way than financially.

“For this reason alone, we can already imagine that NFTs talk to investors much more than any other type of cryptocurrency. Yes, NFT is also a cryptocurrency.

For him, although NFT may be more than just art, it is all due to the explosion of tokenized digital art.

Therefore, experts say that this market is here to stay:

“Uses are diverse. With migration, or at least part of our lives in the digital environment, the same real-world problems will occur in the virtual world, as the term. For these matters, NFTs Perfect, because they are a single, unchangeable record of something inside a distributed digital ledger. Blockchain“, He explains.

In the real world, lumbering elephants are exposed by the aggression of speeding midgets NFTs “Perfect”: tickets, medical records, subscription clubs, real estate registration, and more.

“It simply came to our notice then. NFT Equivalent to the cost of a board app. There are NFTs for less than a dollar.

He also points out that many issues of use are still ideological. In your opinion, it would be possible to observe a lot of progress in this category. NFTs Be a part of people’s daily lives.

“Not all NFT There should be a price or there should be a difference in price. They can only be a useful asset, “he said.

You NFTs According to the executive, these are a very flexible type of product and can be used for different purposes and for different reasons.

“You NFTs An example of this is the impact it has had on our MB: up to 96% of the money raised from unique and special works went to social projects.

According to Melanello, this shows that NFTs They can also contribute to the economic and social development of a region or a country.

“I believe that this kind of use of NFTs (for social reasons or for public and private funding) could soon be the next big wave, along with the accumulation of sports.”

Not every monkey needs its own branch or JPEG

New Business Executive Bitcoin marketIt is important to emphasize that “not all medicines are for the same disease”.

“The things that you see a lot are projects that are not needed. NFT And they only mention it and do it because it’s in fashion. What I think is lacking is information and product knowledge. You have to understand to say yes or no. “

Melanello explained that although from a technical point of view it is very easy to have a project, from “Mintar” (from the English verb to mint, which means coin in Portuguese) to create. NFT That this is consistent and that adapting to the business is not a preliminary task, much less a simple task.

He says he believes there is still a long way to go in terms of the user experience. Concepts and actions are still too complex for everyday use.

“The co-operation of blockchains and the possibility of dealing with any of the assets you have is still important,” he says.

“I like to compare. NFTs With credit cards evolving. Cards revolutionized the consumer industry, but not overnight, but over time and with the practice it delivered to consumers, “he concluded.

For this, the NFTs That’s the decent thing to do, and it should end there.

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O Money Times Publishes journalistic articles aimed at democratizing information. Our publications should be understood as bulletin announcements and dissemination, not as investment recommendations.

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