The Future Of NFTs - Here’s Why Some NFT Projects Have Vanished While Others Flourish

The Future Of NFTs – Here’s Why Some NFT Projects Have Vanished While Others Flourish

Updated: 20 April 2023

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The non-fungible token market is one of the sectors within the crypto industry that has attracted massive adoption in the past few years. Unfortunately, the sector has suffered a bad reputation over a spike in collapsed projects in recent weeks.

In an April 20 blog post, Wale.Swoosh, the director of threads and researcher in residence at Azuki, has shared some reasons why some non-fungible token projects are vanishing while others are flourishing, yet they are in the same market. He has linked FUD as one of the factors pulling down many NFT projects.

The art of FUD:

Why some NFT projects die while others flourish ??

(1/25) pic.twitter.com/dPXfTrzZcu

— wale.swoosh ? (@waleswoosh) April 20, 2023

What Is FUD, And How Does It Impact NFT Projects?

Everyone who has spent time in the NFT space must have experienced FUD at one time or another. By description, “FUD” stands for “fear, uncertainty, and doubt.” This term is mainly used whenever individuals or groups hate a project.

Even though FUD may be a blessing to some NFT projects, the spread has been used to destroy even some of the most successful projects. MekaVerse is a perfect example of an NFT project that has viciously suffered from FUD spread.

The Rise And Downfall Of MekaVerse

MekaVerse, an NFT collection featuring a limited edition of 8,888 unique NFTs, was one of the first hyped NFT projects in 2021. At the time, the NFT collection attracted tens of thousands of people to compete for the mint.

During its early stage, MekaVerse was the most talked NFT project on Twitter and was destined to become the next blue chip NFT project. Unfortunately, the NFT collection has plummeted more than 80% from its all-time high. Some of its NFT collections once sold for over 500 ETH.

MekaVerse market woes began showcasing in late October 2021 when negative tweets started showing up. A few weeks later, everyone on NFT Twitter was dunking on them, as a real FUD wave had developed. Today, the floor price of Mekaverse is standing at 0.16 ETH.

Moonbirds NFT Collection Suffers FUD

Moonbirds is another NFT project which has recently suffered from FUD. Moonbirds is an NFT collection featuring a limited set of 10,000-piece digital avatars created by famous digital artists Justin Mezzell and Kevin Rose.

The NFT collection went well until sometime in August when Moonbirds announced plans to change the IP rights to a COO public license. The move caused a massive wave of FUD, thus consequently impacting Moonbirds’ market health. Rose recently said that the level of FUD was much higher than he expected.

Azuki NFT Collection Fells Victim Of FUD

Azuki is an NFT collection from digital asset firm Chiru Labs, featuring a limited edition of 10,000 anime NFTs. The NFT collection has been one of the successful projects, which sometimes used to contend with top-selling NFT collections like Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs.

Similarly, the popular NFT collection has fallen victim to FUD. Azuki market tumble began unfolding earlier last year when news broke that Zagabond, one of the co-founders, had also founded two other projects before Azuki, “Zunks and Phunks.” Since then, its floor price has dropped from over 30 ETH to just 6 ETH.