2024 Sees Steepest Weekly Plunge in NFT Sales

[TomPluz]

In the span of between Jan, 20 to Jan. 27, 2024, there was notable decline in the sales volume stemming from non-fungible tokens (NFTs), plunging 21.25% from the week before. The leading blockchains in seven-day sales, Ethereum and Bitcoin, experienced substantial decreases, ranging from 28.78% to 12.62%, respectively.

This week marked the steepest decline in 2024, with sales plunging 21% compared to the previous seven days. According to metrics from cryptoslams.io, the total amounted to $228,327,660.

Source: https://news.bitcoin.com/2024-sees-steepest-weekly-plunge-in-nft-sales-5-major-blockchains-register-double-digit-losses/


Personally, I don't own any NFT and I am not so much interested with them...all I because I am not seeing a big value on the said asset. Of course, this opinion of mine is contrary to many who love NFTs and are actively trading them for some profits. The lack of use-cases attributed to my adamant stand on NFT. As to the decline of the NFT market, I am saying that this can just be temporary and since 2024 is just starting it would be not wise to conclude that this is not going to be the year for NFT too.

What about you...how do you view the future of NFT...will it be bright and prosperous or will its light be clobbered by the lack of interest from the market? I am interested with your views on this matter.

[hugeblack]

NFT is one of the things that will remain with us and will have periods of pumping and stagnation, but it has reached its maximum expansion, as the time has come for many services to dump, only two or three will continue such as opensea.

Personally, I have 3 NFTs, which are souvenirs that I got, in addition to two that I bought. I succeeded in selling one for 0.1 ETH, and I still have one that I bought for a price of 0.05 ETH, and its value is about zero. Therefore, sales in that market are similar to what happens in the art market, it is a search for Unique value and not for everyone.

[Charles-Tim]

Just as those expensive images are for the riches, politicians and celebrities, that is what people should see NFTs as. What are they selling? Something of little value but its popularity makes it expensive.

NTFs came and some people think that they can make something of no value or of little value to become of high value. They should not be disappointed when they are losing.

[TomPluz]

NTFs came and some people think that they can make something of no value or of little value to become of high value. They should not be disappointed when they are losing.

NFTs can come and go...and their value will eventually be tested by time. Now it would be safe to say that in the coming years, most of the NFTs already sold would be valued zero. In other words, just like some new coins and tokens, there is always that element of gambling here with the buyer hoping that the value will increase one day so it can be sold for a profit. Of course, there will be some hypes in marketing any NFT and it is up to the buyer to get persuaded or not. There is no denying though that there were NFTs that made their owners really rich and I am sure there can be coming from time to time. In conclusion, just like art, the beauty and value of any NFT is on the eye of the beholder or the owner, for that matter.

[yhiaali3]

Personally, I am not against NFTs, and I have owned some of them for a while. The basic idea was very good and innovative, but unfortunately it moved away from its goal. We saw the madness caused by NFTs, as some of them were sold for astronomical sums, while others were trivial that had no value at all.

In any case, there are some areas in which NFTs can be really useful, such as real art, preserving intellectual property rights, and the like. As for NFTs turning into a crazy phenomenon and people racing to own this crap for millions of dollars, this is what I don’t like.

[MUGNIA]

Maybe I'm someone who has never owned an NFT at all since it was launched, and has never participated in an NFT-related event.
but I see that NFTs will still continue despite the ups and downs of the hype, where there will definitely be NFTs that are as valuable as someone selling their photos (I forgot the name)

[Captain Corporate]

Well the NFT world has lost its appeal and that is why there isn't really any interest left in it anyway. Some people still claim that there is money to be made in that market but the reality is that the money to be made in that market is quite small and I do not think that it would be all that much to begin with. I get that we are going to end up with something that should not be all easy to handle, but it is quite obvious that we are not going to end up with a great return all that quickly. So we should stay away from NFT world if we do not want to lose out a lot of money, it would be a high risk not worth taking.

[Baofeng]

Well the NFT world has lost its appeal and that is why there isn't really any interest left in it anyway. Some people still claim that there is money to be made in that market but the reality is that the money to be made in that market is quite small and I do not think that it would be all that much to begin with. I get that we are going to end up with something that should not be all easy to handle, but it is quite obvious that we are not going to end up with a great return all that quickly. So we should stay away from NFT world if we do not want to lose out a lot of money, it would be a high risk not worth taking.

It's the hype that created this whole new NFT world. But now with this data and numbers, they might have lose it appeal or investors are looking for the latest craze and hype that's why NFT is down surprisingly wherein we are about to enter a bull run but there sales are down.

I'm not into it personally, nothing against those who have one and will try to keep it and to make money.

But as a investors, it might not be for everyone, just saying.

[Gurujebs]

Maybe I'm someone who has never owned an NFT at all since it was launched, and has never participated in an NFT-related event.
but I see that NFTs will still continue despite the ups and downs of the hype, where there will definitely be NFTs that are as valuable as someone selling their photos (I forgot the name)

I thought I'm the only one this table. I have never been a fan of NFT, this is one the adoption people don't like but whales will force anything on people's troat just to make thousands of money. I remember in 2021 when NFTS were been sold for millions of hindered of dollars but today, they are worthless, some people will wish they never bought them because they didn't really know what it's even about, just buying into what others buying because of hype.

There were many allegations back then that most of the reported NFTS bought with high price were done by the same person. There was no two party sales, just a person hiding behind camera send assets between one wallets to another and then the hype it for another person to buy it at expensive price so they can make these money quickly and some were used for money laundering, hence why the decline all these years.