NFT marketplace is quietly collapsing

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Written by

xuanling11

Learn futures together!

2 years ago

In community: Cryptocurrency and Blockchain(7b7f)

Topics: Opinion, Free write, Ideas, Blogging, Learning, ...

The NFT market is cooling down a lot.

https://twitter.com/MinisterOfNFTs/status/1568641564951416832

It is not just a bear market to bring down the NFT, it is a lack of integrity of the creators.

https://twitter.com/enjoyoor/status/1568720510481043458

To be more precise, too many creators try to gain rich overnight. Unfortunately, that kind of mentality did not serve well in the NFT marketplace, and it will take a reasonably long time to repair its reputation.

Although Metaverse is a different concept, it does not escape the rug pull effect within the NFT market.

https://twitter.com/petergyang/status/1569015916159184896

Overreached NFTs

https://twitter.com/lilverse_nft/status/1568865639153934337

Owning NFTs was cool in 2021, but holding NFTs in 2022 symbols a loser.

There are too many scammers in the space that there is no way to restrict them unless the market turns itself into a centralized market.

Decentralized NFT market

https://twitter.com/CryptoConan/status/1568975221331206145

Too many exploitations of NFTs projects are presented to the market without validation.

Of course, anyone has no restriction to create their own NFTs, but that does not mean everyone can rug pull investors' money who tried to own some NFTs.

Self-regulation is impossible in NFT

One thing is for sure self-regulation in the NFT marketplace is impossible.

https://twitter.com/ro_maul/status/1566939234484817920

Using decentralized technology, you cannot regulate people to post NFTs in the decentralized marketplace. You cannot track the scammers in the decentralized space and prevent creators rug pulling people.