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Almost Every NFT is Worthless Now�
In the wake of the NFT market's multi-year downturn, many artists who once thrived are now navigating a challenging and uncertain landscape. The NFT market is standing on surprisingly firm ground despite hard times for its digital cousin, and Reda explores a few theories why. Heise traces the crash back to the nosedive cryptocurrency took last year. The NFT market, an offshoot of crypto, took an even bigger fall.

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calendar_month 29.05.2020

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The astonishing surge in NFT adoption and transactions drew massive participation in the NFT space, with everyone seeking their share and profits. In other words, volatility and value decline affected some big organizations, such as Blockchain. Of course, beyond simple price fluctuations, certain events in the crypto industry have also had a potentially negative impact on NFT prices. The bearish crypto market has been a significant factor in the crash of the NFT market and other crypto-related projects; however, there is a prospective positive turnaround as the crypto community anticipates the next bullish trend and crypto recovery. In what many artists viewed as a major betrayal of the Web3 mission, platforms like Sudoswap, X2Y2, Magic Eden, Looks Rare, and even OpenSea decided to make royalties optional over the last six months.