The NFT boom was greeted in the industry, with such hope and prediction for the future, especially with the Metaverse slowly consuming modern technology and the way businesses operate online. However, we are bearers of bad news. Surprisingly, with the drop in Bitcoin prices for the past quarter, the drop in sales for NFT sport tokens has also dropped too.
In 2021, NFTs took center stage for the creators and celebrities that engaged with purchasing NFTs online. Especially with how many NFTs resemble modern day gaming skins. Many consumers like the idea of replicating that same collectible desire further afield, with digital assets weaving their way into all industries just this past year. While many NFT sales did drop overall in revenue, NFTs from gambling site initiatives still are holding up strong, and many believe they will see no end, only reap growth. https://csgobook.com is a site that offers players the same replica of holding and gambling their digital assets and skins. With the crypto world having slightly crumbled, CSGOBook holds its fortress and numbers when it comes to user engagement.
Bitcoin’s struggle to hold its all-time prices, have obviously reflected on the way investors have enthusiasm for buying NFTs. These adverse impacts not only affect NFT sales, but digital spaces in the long run too. This year alone has seen some of the worst performances ever for Bitcoin. Total number of sales in the NFT ecosystems have fallen to 19,000, with estimated values of $13.8 million. This same value was recorded just last year in June too. While this number was considered pretty impressive, a year on, it certainly is a dramatic fall in mainstream purchases.
NFTs have thus far witnessed the highest number in sales on September 24th, 2021, which were worth $78.3 million alone. The biggest sale that took place however in 2022 and all time, was where 118,577 assets in particular set back buyers in total, a staggering $780.4 million. The key factor to occur due to the negative impact of NFT sale declines, is also due to falling Ethereum prices too. The lack of market demand for unrealistic gas fees intertwines with sale falls too, and therefore collectively, this is believed to make NFTs, and its capitalization suffer hugely. With a drop of 40% thus far, and loss of 66% of trading volume, many question what the next steps could be to move forward.
Other stories in the media, relating to NFT sales, are the possible move forward for the vision of the future. It is believed that for the sake of security purposes, Social media and digital platforms will get the go ahead to use ID verifications for NFT users and purchasing citizens. While big social media platforms like Meta, and beyond have yet to confirm if they are in, it is believed that soon plans of its release in full and officially will be released. Especially for NFT creators, this could help support them with the gradual evolution of Web 3.0 and its full potential.
The roll-out of this is believed to be gradual and nothing too dramatic, as of yet. While the plan of how it will be unveiled to creators and users is still awaiting official conference and approval, select creators are on board in helping the vision move forward. This roll-out could be closer than what many had anticipated and dropped sooner rather than later.