From the phenomenon of the moment to the deception of the economy. The NFTs tale looks exactly like this, with a state of virtual death that everyone can see now. Non-fungible tokens, that is, unusable tokens, that is, certificates of ownership of digital assets stored on the blockchain, are experiencing an unprecedented crisis.
Their trade is down 92%, according to an estimate Specialized CryptoSlam Portal, as well as the average price fell by more than 80 percentage points and the number of buyers practically halved. Numbers that leave no room for other interpretations, in short, that unite NFTs with the metaverse: just under a year ago Decentraland had 200,000 daily users, today it has less than 60,000; SandBox, another digital and parallel universe, has lost nearly a third of its visitors since April 2022.
Collapse of NFTs
However, the path of non-fungible tokens has been a potentially innovative path for many sectors. Already present in the foreign online casino industry, they aimed to revolutionize the art market and also to bring more equality, control and opportunity in the distribution of copyright. The problem is that its method of operation, as well as the blockchain that powers it, is not well known and popular in the public. Only 4% of the world’s population, according to The casino blog is not AAMSHe owns an electronic wallet. Moreover, numerous difficulties in use, inconspicuous performance combined with inaccessibility and market fluctuations also affect.
Not everything is destined to disappear
But that’s not all there is to ask in the NFT world. As he pointed out recentlyBlockchain Observatory at Milan PolytechnicThe market for sales and purchases focused on these tokens has grown on social media, to the point where both Facebook and Instagram are integrating them into their operations.
In short, what will remain and will remain is the transfer of the concept of value and therefore ownership from the physical and real world to the digital world. This is a potentially revolutionary delivery. Many promising uses in areas as diverse as finance, digital identity, logistics and marketing. In the logistics sector, Nfts can create “digital passports” that testify to the passages along the supply chain of a given product, exploiting the immutability of information recorded on the blockchain, ”explain the experts of the Polytechnic Observatory. In short, it is probably too early to abandon non-blockable tokens For fungi to die.