- NFTs across the space has undergone a steep fall after raising concerns over a new Covid-19 variant.
- The growth cycle of the NFTs appears to be replicating the similar trend of altcoins move in 2017.
There has been unusual progress in Blockchain technology with Non-Fungible Tokens (NFTs) and Metaverse projects in 2021. However, the projects related to NFTs experience a steep fall in the past 24 hours followed by the raising concerns over a new strain of Covid 19.
The overall trading volume of the section is down by 37.34% round the clock. Yet the chief gaming coins such as MANA, AXS, SAND, and ENJ ensured quick recovery.
Altcoin Market Hype In 2017 = NFT Hype in 2021?
The majority of NFT proponents and enthusiasts are pretty confident with a sort of homogeneity between Altcoin market hype in 2017 and NFT hype in 2021. Gaming stands in the top tier of the entertainment industry, as there are billions of users who are investing in digital goods inside of games. As the technology is at its nascent stage of development correction looks mandatory. Yet many strongly believe that digital art is here to stay.
However, early Bitcoin hype or altcoin market hype was about the real feasibility of something extraordinary. Likewise, the NFT concept may also be tremendous and futuristic.
Devin Finzer, CEO of Opensea, a vast NFT marketplace says “the development cycle is a little longer with games than with simpler arts and collectible projects. There’s a little more of a delay.” The founder appears to be pretty much convinced with swift developments occurring across the NFTs gaming.
On the other hand, the recent rebrand of Facebook to Meta was widely hailed by gaming freaks. Owing to the trend reversal, projects based on Meta ruled the market over the past month.
Moreover, NFTs have a big role to play in Meta mania. NFT expert Adam Morris refers to the recent setback as the requisite correction, and he is optimistic of the speedy growth of the section like Bitcoin within a year or two.
Collectively, proponents across the space firmly believe that like the initial growth of the altcoin market cap in 2017, NFTs too need enough time to bounce to their real value.
Concurrently, NFTs could play a major role in enabling fractional ownership of real estate or bonds or stocks, that is digital ownership NFTs. In addition, NFT-driven play-to-earn games gaining massive traction of the user base, where users can exit the game and earn crypto.