Current State and Perspectives on the Future in the NFT Market

The popular Ethereum-based NFT collection Bored Ape Yacht Club (BAYC) has recently experienced a significant loss of value, dropping to a low of 11.1 Ethereum, the lowest value seen since August 2021, and continuing to trend below 10 Ethereum. This is considered an indication of the challenging period the NFT market is going through as a whole. Value Loss in the NFT Market Backed by Yuga Labs, BAYC initially garnered significant interest when it was released in April 2021, reaching a record base price of 128 Ethereum in May 2022. However, with recent declines, it has returned to August 2021 levels, which is associated with a decrease in interest in NFT. Nevertheless, rare pieces within the collection continue to find buyers at high prices. For example, last month, BAYC #830 was purchased for 504.3 Ethereum, valued at $1.92 million, and another rare piece was sold for 30 Ethereum. Future Visions […]

Current State and Perspectives on the Future in the NFT Market

The popular Ethereum-based NFT collection Bored Ape Yacht Club (BAYC) has recently experienced a significant loss of value, dropping to a low of 11.1 Ethereum, the lowest value seen since August 2021, and continuing to trend below 10 Ethereum. This is considered an indication of the challenging period the NFT market is going through as a whole.

Value Loss in the NFT Market

Backed by Yuga Labs, BAYC initially garnered significant interest when it was released in April 2021, reaching a record base price of 128 Ethereum in May 2022. However, with recent declines, it has returned to August 2021 levels, which is associated with a decrease in interest in NFT.

Nevertheless, rare pieces within the collection continue to find buyers at high prices. For example, last month, BAYC #830 was purchased for 504.3 Ethereum, valued at $1.92 million, and another rare piece was sold for 30 Ethereum.

Future Visions for Blockchain and NFT Sector

Shi Khai Wei from LongHash Ventures made important statements about the future of NFTs. Wei advocated for NFTs to be integrated with other blockchain sectors to be made useful, rather than being treated as standalone projects. He also emphasized the need for NFTs to be integrated with blockchain-based games and other economies to strengthen them.

Useful Information

– The value of BAYC has experienced a significant loss, dropping from 128 Ethereum to below 10 Ethereum.
– Despite the overall market decline, rare NFT pieces continue to be sold at high prices.
– The importance of integrating NFTs with other blockchain sectors is considered a critical factor for the success of projects.

In conclusion, while the NFT market is currently going through a challenging period, the value of rare pieces and integration efforts in the sector can be seen as promising developments for the future of this field. Wei’s forecasts suggest that strategic approaches are needed to maximize the potential of NFTs.

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