Rumors of NFT market death ... have been exaggerated
In this week’s episode of Ventures, I (https://linkedin.com/in/wclittle) walk through how to buy crypto on a centralized exchange, move it to your own crypto wallet, and participate in an NFT mint. I use the upcoming Founders Collection mint for Alphi (https://mint.alphi.xyz/, June 29th, 2023) as a practical example. Most NFT communities require some kind of process to be added to their allowlist, so I walk through how to do this, step-by-step, with Alphi.
Is the NFT market dead?
While prices of many top project NFTs are currently down (and down bad), let’s not forget that NFTs are a technology. They are a type of (non-fungible) token on a blockchain.
So no - “NFTs” aren’t dead. The market for them isn’t dead. And there are all kinds of use cases for them technologically and practically:
- Event ticketing
- Virtual real estate
- Food and drink
- Supply chain
- Decentralized finance loans
- Art and collectibles
There is a general sentiment out there I’ve noticed that the hype and excitement of 2021 and early 2022 is certainly now very different. Back in the day it was a bunch of degens “aping” into projects and flexing their profile pics. Once prices skyrocketed and the bubble was in full effect, things changed. The parties got weird (and not in a good way, IMO).
Still, it would be a profound mistake to see the evolution of this particular niche market of NFTs as evidence that “NFTs are dead”. We will see all kinds of use-cases for this technology flourish across multiple blockchains in the not-too-distant future.
Thursday will be an exciting day.
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Have a great rest of your week!