The strong price increase of Ordinals and Inscription tokens has absorbed all the attention and cash flow of old NFTs, causing their trading volume to not recover in 2023. Meta abandoned the Metaverse so they are no more wants to be related to NFT, but X abandoning this connection is unusual, because Elon Musk is famous for his love of crypto.NFTs will boom again when there are good projects, and of course there are very expensive NFTs, so they have to be balanced with existing products and usually combined with games. Currently, NFTs are being forgotten because the Bitcoin Halving is approaching, so they prefer to focus on Bitcoin and look for profits in Bitcoin. Maybe after this, there will be another new project based on NFT again.
I still believe that legacy NFTs are relevant and the top choice for applications like GameFi and SoFi in 2024. Inscriptions are just a temporary trend and have not yet found any real application value.
The strong price increase of Ordinals and Inscription tokens has absorbed all the attention and cash flow of old NFTs, causing their trading volume to not recover in 2023. Meta abandoned the Metaverse so they are no more wants to be related to NFT, but X abandoning this connection is unusual, because Elon Musk is famous for his love of crypto.Yeah, in the NFT space, traditional NFTs will have to compete with Inscriptions. Each has its own advantages and disadvantages, but as I see it, traditional NFTs have joined GameFi, MoveFi and SoFi quite effectively, while Inscriptions don't yet have any value beyond fun and immutability: Record images of SEC's Fake news about ETFs or Gary Gensler's statement ^^
I still believe that legacy NFTs are relevant and the top choice for applications like GameFi and SoFi in 2024. Inscriptions are just a temporary trend and have not yet found any real application value.
Since the beginning of NFT's appearance in crypto, to be honest, I don't understand the flow of its journey even though I have several NFTs in my wallet that are worthless.The value of NFTs often comes from the story (collectibles) or users' expectations of profit from them (characters, weapons, costumes). I hope the NFT trend returns in 2025 with more sustainability and diversity in practical applications such as storing degree information, ownership rights, product origin....
If you look at the development of traditional NFTs they can survive even though the prices are getting smaller but it doesn't rule out the possibility that they will fomo again if they repeat their past, as we know the trend in crypto will change every year
about traditional NFTs, I don't think there are traditional NFTs and new NFTs. They are just media terms to attract attention. As long as the idea is the same, they are all NFTs.Yeah, they are both NFTs, and we can call them off-chain NFTs (IPFS) and on-chain NFTs (Inscription).
NFT will have a price depending on the product being developed. If the product being developed has high demand, then it will provide quite good selling value. Therefore, it is better not to hold assets in the form of NFTs for too long because no one knows how the price of an NFT will develop in the future. For example, when you see the last Cryptopunk NFT sold for 62 ETH, even though there are no profitable developments in the future, it has such an expensive price.I think NFTs are associated with stories around crazy prices. Art is one of the most difficult things to value, you will see this clearly in abstract paintings 😂
Do you support traditional NFTs? Have you used traditional NFTs as avatars on social networks? Would you rather own a traditional NFT or an NFT-Inscription? Do you think traditional NFTs will soon be replaced by NFT-Inscriptions?I still don't understand what nft is but the market already has something new to play with, everything is developing so fast! I see that most nft are used for gamefi, so they are developed very well in 2021. If the inscription can't be used for gamefi, then it won't be promoted long term or have real users, trading back and forth for a while will get boring. Next season it will be clear who goes and who stays. I am not fan of nft or inscription, I support only the winner :)
Do you support traditional NFTs? Have you used traditional NFTs as avatars on social networks? Would you rather own a traditional NFT or an NFT-Inscription? Do you think traditional NFTs will soon be replaced by NFT-Inscriptions?I still don't understand what nft is but the market already has something new to play with, everything is developing so fast! I see that most nft are used for gamefi, so they are developed very well in 2021. If the inscription can't be used for gamefi, then it won't be promoted long term or have real users, trading back and forth for a while will get boring. Next season it will be clear who goes and who stays. I am not fan of nft or inscription, I support only the winner :)
So money laundering is thought of because of that concept.I am one of the NFT critics. Although, not all NFTs but most NFTs that are given value that they do not have. But if talking about money laundering, the first thing you should talk about are the banks in connection with legit businesses. If the root of the money laundering is not traced, how it is laundered will not be known because well reputed business are used to launder the money. Also that I have not seen a trace of how NFTs can be connected to money laundering than what banks could offer.
In 2022, Meta tested a feature that allowed users to use NFTs as avatars on Facebook and Instagram, then Meta discontinued this feature in early 2023[2]. Similarly, Twitter also allowed Premium users to use NFTs as avatars in early 2022, but at now new X users can no longer experience this feature[3]. We don't have any explanation on this matter.
Do you support traditional NFTs? Have you used traditional NFTs as avatars on social networks? Would you rather own a traditional NFT or an NFT-Inscription? Do you think traditional NFTs will soon be replaced by NFT-Inscriptions?Honestly I have heard a lot about NFT and seen many people talking about using NFT but I never got proper knowledge about NFT and never used NFT till now. I saw some nfts in my account maybe not need all those nfts they are all useless. But I don't know exactly how important role NFT will play in future. But I am not going ahead with NFT I am always thinking of going ahead with Bitcoin and Ethereum.
I did not know that X disables this possibility. Does anyone even know the reason why "big crypto supporter" Elon Musk decided to take this step and deny support to one branch of the crypto industry?I don't know much about it but I think they might have disabled it because they might not like the concept of NFTs and believe that it could cause them huge fines in future. Social media platforms aren't going to favor crypto-currencies and NFTs because they don't want to be sued for no reason.
TBH , I don't like NFT because I don't have knowledge about NFT.NFTs do not always provide a guarantee of making a profit because, as far as I know, NFTs will become expensive when there are projects that follow them.An easy example is an online game that provides certain skills when you have an NFT. The harder the NFT is to get, the better the skills you will get.Well, that's what makes NFTs have a high selling value. So for me, you don't have to understand what NFT is and just trade coins, which, in my opinion, is safer and more fun.
When NFT was very popular, I am not interested in this project. I was more interested in the Web3 project at that time. For now, I don't want to expect much from projects that are not in the top coins.
I just suggest, If we don't have knowledge about the project, better to invest in project which we know it.
The hype of NFTs at that time suddenly stopped when the bears came early. And it seems, NFTs are similar to altcoins. Many NFTs have been created because of their ease and circulation. In fact, many NFTs that really seem to have no value at all are being sold, and some personal data is even being sold. This is really stupid. Indeed, just like altcoins, it is safe to say that there are altcoin projects that actually have a good team and fundamentals so that they can survive and develop into altcoins with great potential. But there are also many altcoins that end up becoming shit coins and it is inevitable that there will be a lot of them. It seems like NFTs are like that too. And I am sure that NFTs like that will not survive in the market and will soon have no valueMost of the fun NFTs in the market have disappeared, but a few NFT collections on Ethereum are still extremely valuable, reaching tens or hundreds of ETH. I also don't understand their value, I don't have a deep understanding of art.