@xuanling11 11 September 2021 more from that month

NFT Bubble May Just Almost Pop

The NFT market is red hot. One of the biggest NFT platforms OpenSea was making $2.84 billion in trading volume over the past month in August.  NFT makes the majority of income to Ethereum miners. It generates 21.6% of the total transaction fees for Ethereum which makes the gas fee so high for many layer 2 transactions costly. However, it seems the NFT market suddenly slow down. What caused the slowdown? Perhaps the crypto market flash crashed due to Bitcoin day in El Salvador or a bug?   **How hot is the NFT now?** A rock picture that can cost you $2M and a picture of a series of boring apes can cost you $24M. https://etherscan.io/tx/0x2dd7781ce5ceee406fc895b716c9d2752a12e56f5e0a74aa6c3ed94188a928e0 https://www.sothebys.com/en/buy/auction/2021/ape-in/101-bored-ape-yacht-club   **What is a bug?** The OpenSea detected a bug that linked to ETH 2.0 account or burns account that NFTs may send into and burn it.   **How much has been burned?** 42 NFTs were lost in 30 transactions of a total of around $100,000 worth of NFTs.   **The bug has been fixed** The bug is caused by the last Geth update that potentially cause the chain split which has been patched.   **More celebrities are joining the NFTs** The latest celebrity is Doja Cat who will issue her album “Planet Doja” in the NFT format.   **Not to mention the sports teams join the NFTs** Spain’s LaLiga soccer team will have their team NFTs for their fans.   **More supplies of NFTs but the demand has been a plateau** From 30 days of activity in OpenSea, the Users, Volume and Transactions have all dropped.    **Dot Com Bubble 2.0?!** People are flipping NFTs in the marketplace rather than holding the assets. You may flip and make a profit of 100X in 7 hours!   **Sell the bubble!** If you heard about the 16th-century Dutch tulip bubble, you may recognize that the story is a textbook definition of a bubble. Some artists sold it for more than $50K in OpenSea.   **In conclusion** Bubble or not, I still do not know. It seems people are crazy about it and everything is on sale!