NFTs and the broader crypto community are facing a period of distress but it also presents an opportunity to build and strengthen the case for this nascent asset by focusing on its utility and potentiality.
“Crypto winter,” is perhaps the most common phrase when chatting with crypto investors. Overall, the cryptocurrencies’ values have plummeted and erased about US$2 trillion from the market as per a report by. Bitcoin, the world’s leading digital currency saw its value drop by about 70 per cent since reaching its all-time high in November 2021 at US$69,000. Also going in tandem with the general downward trend are NFTs andreported that sales have plunged this June to below the US$1 billion mark.
It is true that the NFT market is undergoing one of its darkest periods since its inception, but this also presents an opportunity for creators to relearn what these tokens can do and implement these lessons to safeguard against potential pitfalls again. On a broader note, the situation with cryptocurrencies is part of a business cycle and if investors can ride out this turbulent period, better days will hopefully be around the corner.
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