NFTs Are Down, But Are They Going To Die? – The Answer Will Probably Shock You

Updated: 04 July 2023

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The non-fungible token market has experienced a dramatic selloff in recent days, with floor prices of major NFT collections, such as Bored Aped Yacht Club, Azuki, and Pudgy Penguins, trembling amid growing investor doubts, fear, and uncertain over how valuable NFTs will be in the future.

Data from crypto data platform Parsec indicates that the floor price of Azuki has dropped by more than 60% in the past week, while that of other well-known NFT collections like Bored Ape Yacht Club, Mutant Ape Yacht Club, and Pudgy Penguins dropped in a range of 14% to 31%. But, although the NFT market is down, will NFTs going to die? Let’s find out what the future of NFTs holds.

The Future Of NFTs

It’s worth noting that even though NFTs are down, our fundamentals have not changed, and life is rapidly turning more digital. In that context, since non-fungible tokens provide ownership in the digital world, they will become more important as the world evolves.

Financial backing is another aspect that showcases the bright future of NFTs. If the NFT market falls 90%, there will still be more NFT projects building. Notably, many NFT projects like Chiru Labs and Yuga Labs are well funded, making them more stable and resilient against bear market waves.

Despite the recent market downtrend, many non-fungible token projects are making remarkable strides. Yuga Labs’ metaverse is an example of projects slowly taking shape. Doodles is making significantly more waves outside the metaverse than it did a year ago. The material value preposition is at an ATH for most major NFT projects.

Talent Is The Pillar Of NFTs

Talent is another key factor determining the future of NFTs. Interestingly, there are still many talented individuals in the NFT and the metaverse, ranging from founders to developers to artists to content creators. NFT adoption will always attract more opportunities.

The non-fungible token market has recently attracted giant institutions from both Web2, such as Luis Vuitton, which announced its foray last month. When big companies expend a lot of resources to position themselves in a new market, chances are that there is some long-term growth potential. Just as many altcoins have survived, most NFTs will continue thriving.