Why NFTs failed and died are reasons in there many and lets go through them so it can never happen again.
Alas, many were sceptical of NFTs from day one and didn’t touch them.
They represented garbage in the crypto space they knew in their hearts and minds.
Remember the days when your social media feeds were inundated with pixelated strange things like punks and bored apes?
At the same time, celebrities couldn’t stop raving about their latest NFT acquisitions.
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They were basically promising a digital revolution that would change the world. Meh.
They certainly did, nor will, not. Before NFTs died the signs were there.
But what actually happened to them in the end?
Why did the NFT craze fizzle out, leaving behind a trail of broken dreams and empty wallets for many silly celebrity believers and idolaters?
And what about those many celebrity-endorsed NFTs that promised so much but delivered so little in the end?
The answer lies in the heart of human nature. Yes, some people are stupid.
Their susceptibility to hype, our fascination with celebrity culture, and our insatiable desire for the next big thing.
The next big thing sometimes is the next crappy thing, remember that.
NFTs, in their early days, tapped into these primal instincts, creating a perfect storm of speculation and fear of missing out for many.
“Oh look, this famous person is doing it or endorsing it so it must be good…”
Rubbish. Never think like that.
Celebrities, with their massive followings and influential voices, played a crucial role in fueling the NFT frenzy, they should take much responsibility for why NFTs failed and died.
They touted NFTs as exclusive, one-of-a-kind digital assets that would appreciate in value over time, what garbage that was.
They painted a picture of a decentralized future where artists could finally take control of their work and connect directly with their fans, wrong again.
But beneath the glitz and glamour, a darker truth lurked beneath the shoddy NFT surface.
Many celebrities were merely cashing in on the hype.
Promoting NFTs they barely understood or cared about. In many cases they were just being paid to shill and promote them.
Take Floyd Mayweather, for example.
The boxing champion heavily promoted his own NFT collections. Promising exclusive access and unique experiences.
But as the NFT market crashed.
So did the value of his digital assets.
Leaving many investors with worthless tokens and a bitter taste in their mouths.
As the initial excitement wore off, the cracks in the NFT façade began to show, alas.
The market became flooded with low-quality, derivative NFTs that lacked any real artistic merit. They had nothing of bloody substance to them.
The promise of decentralization turned out to be an illusion too.
As most NFTs were still traded on centralized platforms controlled by a handful of powerful players.
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That essentially went against everything they were meant to stand for.
The environmental impact of NFTs also came under scrutiny.
As the energy intensive process of minting and trading them was revealed to be a large contributor to emissions and harming the environment.
This revelation further tarnished the reputation of NFTs and alienated many potential buyers.
Simply put, when all was said and done, the final nail in the coffin was the realization that NFTs were just not a viable investment.
The speculative bubble burst.
Leaving many investors with worthless digital assets, holding garbage basically.
The dream of getting rich quick through NFTs turned out to be a mirage.
The rise and fall of NFTs is a cautionary tale of celebrity hype, empty promises, and the dangers of blindly following the crowd.
Always do your own research, risk assessment, testing and due dilligence.
Alwats.
