NFTs are the latest internet crypto fad, an environmentally friendly receipt for images, gifs, microtransactions and more, but they’re not proving popular. Currently, the NFT sales sunk 292 percent since September.
According to the Wall Street Journal study, NFT sales dropped from a daily average of 225,000 to only 199,000, and the number remained in decline. Their popularity is waning, despite the fact that several games companies are throwing their hats on the ring – Konami is making NFT images for its classic games, Ubisoft has even sold NFT microtransactions, and Square Enix has sold Tomb Raider, Deus Ex, Thief, Crystal Dynamics and Eidos to focus on the blockchain.
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Interestingly those who purchased NFTs have found out how much value they put into their purchases. The first-ever tweet by Jack Dorsey was sold for $2.9 million last year in March, but the bids went up almost 14,000. Interest has gone down.
VGC added that search for the term NFT also rapidly declined, with 80 percent falling since January. Those with costly NFTs might prefer to retain their prized JPEGs and receipts because people don’t even search for them, except for buying them. According to Estavi, this is not necessarily a sign of NFT failures, but rather that the market is fluctuating.
However, the developer of an online game doesn’t have to go to the NFT racket. Jackbox CEO Mike Bilder said he’s not interested, while a staggering 70 percent of game developers in a survey said that they didn’t want to play NFTs anymore. The developer wrote to me that this hasn’t been identified as a pyramid scheme is beyond me.
Despite this all, other industry veterans see a future in NFTs like Reggie Fils-Aime who called himself a “believer” in blockchain. Niantic is also looking at NFTs for Peridot, another game of Pokemon Go. Regardless of which reason you think it’s declining interest, or metaverse play is not as good as it is, so the future isn’t even more like the one who has claimed it that the broader population will wane.
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