NFT: What Went Wrong and Where Are We Now?

[Akinwale Akinkunmi]

I'm still surprised about the NFT market. Despite its initial hype, many investors and whales have abandoned ship.
I'm left wondering what went wrong. Interestingly, successful coin-based projects like Sand, Mana, and AXS originated as NFTs before transitioning.

Just this evening, I discovered that an NFT project I invested in months ago, Bong Bears, has fully launched as a coin-based project on Binance.

They've rebranded as $Berachain, according to their whitepaper. It claims to be a high-performance EVM-Identical Layer 1 blockchain utilizing Proof-of-Liquidity (PoL) and built on top of the modular EVM-focused architecture.
While I'm not opposed to their transition to a coin-based project, I'm curious: is there a way for me to convert my NFT to the new coin-based system? Bitget also posted it on X which means they are also listing it, which has piqued my interest because the likes of Kucoin and others may follow.

[Philinfa]

My experience with NFT is not an encouraging experience probably cause i sold most of my collection late, but there're still project I benefited from, like Sand & Mana.

You can actually check their official announcements from the Bear Bong team about the conversion process, check the marketplace of most exchanges listing if they support $Berachain that could also facilitate the swap or sale of NFTs in exchange for the new coins once it gets listed, try staying updated through the project's official channels will be crucial.

[Clark Anderson]

To convert your NFT to the new coin-based system, you'll likely need to claim your token allocation. You can check your eligibility and allocation using the Berachain airdrop checker. The claim window is open until February 10th, so be sure to claim your tokens before then.

[MrSpasybo]

To convert your NFT to the new coin-based system, you'll likely need to claim your token allocation. You can check your eligibility and allocation using the Berachain airdrop checker. The claim window is open until February 10th, so be sure to claim your tokens before then.

Hope that he will be successful in converting this token, unfortunately I don't have experience in converting NFTs to tokens. I personally think that it is an important development for the project to continue to grow stronger.

NFT platforms such as Decentraland and Sandbox have grown very strongly when it supports other projects in the ecosystem to release NFTs, while MANA and SAND act as payment methods in that platform. I hope Berachain will also be successful and BERA price will also have good growth in this cycle!

[Findingnemo]

Everyone hyped for NFT to made the people to believe that it's gonna make the rich rather those rich individuals dumped it hard when common people started buying them. It's not new, people who been in the ICO era knows what exactly will happen, the NFT holders will be holding it forever cause it's worthless now.

[TomPluz]

I would say that NFTs got very basic weakness and that is value...and so when investors are not gaining something from the NFTs they invested in they would surely look for something else that can give them the attractive ROI they are looking for. We can never compare NFTs to a real painting...although the idea can be the same the experience is not just like buying a real book and an e-book. When the wind has shifted many NFT players jumped ship and change their focus so as to never be an insignificant and later on die. There is a need for new innovations in NFT sector for it to make some form of a comeback...but for now the excitement is gone.

[Akinwale Akinkunmi]

Everyone hyped for NFT to made the people to believe that it's gonna make the rich rather those rich individuals dumped it hard when common people started buying them. It's not new, people who been in the ICO era knows what exactly will happen, the NFT holders will be holding it forever cause it's worthless now.

NFTs are not totally useless because some people are still minting and making some cool cash

[Manrich]

Hmmm worth thinking of..

[Jating]

Everyone hyped for NFT to made the people to believe that it's gonna make the rich rather those rich individuals dumped it hard when common people started buying them. It's not new, people who been in the ICO era knows what exactly will happen, the NFT holders will be holding it forever cause it's worthless now.

NFTs are not totally useless because some people are still minting and making some cool cash

Yeah, but perhaps it's just the minority right now that is making money, unlike today when it all started this hype, everyone was on board, even big entities. Until such time that it's no longer profitable. And as we have seen in the crypto market, it's cyclical, from the very beginning of ICO to the latest hype that we have in the market. Good for those who are making cool cash as you describe, but can it sustained it runs? I doubt that, and maybe those who are making money are looking for the next hype as well. That's why the NFT market has died down.

[bisdak40]

I think the NFT market slowed down because many investors left, so some projects had to change. Yours turning into a token could be a smart move.

If they switched fully, they might let you swap your NFT for their token. It’s best to check their updates to see how. More exchanges noticing them is a good sign it could grow in value.

[TomPluz]

The kind and level of excitement that NFT generated before is now fading and there is no sight yet if there can be a comeback or if ever it would be the same as the market is changing and investors are now fully realizing the "folly" of owning digital arts which are falling in value and will eventually be worthless. I am just wondering if NFT is just all about hypes and that people were then hoodwinked to assumed otherwise. Yes, the technology is there and that something we should appreciate but for now because the market is getting cold NFT platforms have to reinvent the wheel to keep on going.

[KryptoBull]

The kind and level of excitement that NFT generated before is now fading and there is no sight yet if there can be a comeback or if ever it would be the same as the market is changing and investors are now fully realizing the "folly" of owning digital arts which are falling in value and will eventually be worthless. I am just wondering if NFT is just all about hypes and that people were then hoodwinked to assumed otherwise. Yes, the technology is there and that something we should appreciate but for now because the market is getting cold NFT platforms have to reinvent the wheel to keep on going.

NFTs have a lot of potential in this market, but currently, they are not being utilized effectively due to a lack of real-world demand. Legal barriers prevent the application of NFTs in everyday life, so for now, the value of NFTs remains primarily as collectibles.

Many NFTs are valued at hundreds of ETH, but I consider them just tools for money launderers. Personally, I don't think they are really worth that much. Only time will tell us the fate of NFTs.

[Bobcrypto]

I would say that NFTs got very basic weakness and that is value...and so when investors are not gaining something from the NFTs they invested in they would surely look for something else that can give them the attractive ROI they are looking for. We can never compare NFTs to a real painting...although the idea can be the same the experience is not just like buying a real book and an e-book. When the wind has shifted many NFT players jumped ship and change their focus so as to never be an insignificant and later on die. There is a need for new innovations in NFT sector for it to make some form of a comeback...but for now the excitement is gone.

I never expected NFT token to have gain the required momentum to draw much investors away from the other markets investors like Bitcoin and some altcoins, into investing on NFT because the hypes could not be sustain on the long run.
I couldn't imagine NFT token going all the ways to dominating the Bitcoin/altcoins investments, it was obvious that investors on NFT will diminish and migrate to other investments opportunities as crypto developments progresses.