The Trend Of A Bearish Market: Is NFT Still Worth The Hype?

Many people still speculates that this major drops in the current crypto market is only to grab more liquidity especially for Bitcoin to continue going up and strongly hoping to break another all-time high this year. While many people are also anticipating a bear market ahead and slowly cashing out their assets into fiats or stablecoin to mark their portfolio as safe from the threats of the incoming possible huge drop.

After the massive sell-off during the May 2021 market crash, most people already took it as a sign for a long bear market but the anticipation was reversed due to the sudden growth of trend of NFTs. Starting from Axie Infinity, CryptoPunks and other successful NFT projects, the trend contributed billions and billions of volume in the crypto market, onboarded millions of people and saved the crypto market from entering a bear market and it recovers pretty well for the past 8 months.

However, the first quarter of 2022 didn't end pretty well and the market is currently experiencing a bearish market kickstarted by Bitcoin losing almost -30% since February.

NFTs aren't that hyped anymore compared to mid 2021 hype to save the market once again.

Cryptocurrency space is a place for technological evolution and it is expected that more trends using NFTs (but not limited to) are still about to emerge.

The new trend of NFTs right now is with M2E or Move-To-Earn. Revolutionizing the daily exercises of everyone by giving incentives with the use of NFT. However, compared with Play-To-Earn NFT games, less people are interested with using the main concept as most people still prefer staying in front of their devices. Move-To-Earn got lesser attention from people since most are not fun of moving around just to get some tokens.

And talking more about NFTs, the trend was so bearish that even pioneer NFTs were slowly losing so much value.

A CryptoPunk NFT that was bought on 2021 for over a million dollar was sold for only one $200,000.

Another thing that happened and still happening now is that most blockchain games using NFTs were victimizing lots and lots of people from scams, rugpulls, honeypot and slow rug projects. This cause the interest for NFT and blockchain games from people to slowly fade as the space were full of fraudulent projects.

It is still too early to say that the fading interest with NFTs is a sign that NFTs had already reached its peak and it's already the end game. Fears are what mostly covering the whole crypto market currently and as of this moment, what's happening with Bitcoin will also correlates with altcoins and NFTs aren't excluded.

NFTs had a long bullish trend and just like any other trends, NFTs trends need to calm down even not for a little bit. When all the fears are distinguished and new trends for NFTs are starting to build up, it will onboard more people that was left behind and that could mean onboarding more and new people in the cryptocurrency space.

Cryptocurrency is still new, most projects are still building up foundation and better fundamentals for the usecases of cryptocurrencies. And same with NFTs, things are just getting started and the true potential of NFTs will be unleashed sooner than we think. We are in a speculative space and fundamentals and adoptions is all we have and what we need to reach the success we are all anticipating.

Conclusion

Just like other cryptocurrency projects, NFTs will also experienced some major drops as volatility still exist in its soul. The trend for NFTs still hasn't shown its true potential and most people strongly believed that the peak hasn't reached yet. NFTs are the future of digit assets and the next evolution of gaming. Believing on its takes a matter of time to harvest its fruitful success.

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