Are NFTs dying? Worth investing in at all?

[Grant]

When I look at NFTs, all I see are failed ventures. For example, influencer Logan Paul purchased an NFT image for quite a bit of money. He had invested over $600K for an NFT image, that is now worth $10. Read about that below.

Logan Paul’s $623K 2021 NFT is now worth $10, here’s why

American YouTube star Logan Paul is known for splashing his cash on extravagant things. In August 2021, The Maverick invested over $620K in Azuki's Bumblebee NFT (non-fungible token).

www.sportskeeda.com

But, the problem is that it seems more and more people are seeing their NFT purchases drop in price considerably. I worry that NFTs are just this fad that eventually will die out much like this, where the worth drops considerably. What do you think though? Are NFTs dead? Or just in a slump?

 

[Riberet19]

When I look at NFTs, all I see are failed ventures. For example, influencer Logan Paul purchased an NFT image for quite a bit of money. He had invested over $600K for an NFT image, that is now worth $10. Read about that below.

Logan Paul’s $623K 2021 NFT is now worth $10, here’s why

American YouTube star Logan Paul is known for splashing his cash on extravagant things. In August 2021, The Maverick invested over $620K in Azuki's Bumblebee NFT (non-fungible token).

www.sportskeeda.com

But, the problem is that it seems more and more people are seeing their NFT purchases drop in price considerably. I worry that NFTs are just this fad that eventually will die out much like this, where the worth drops considerably. What do you think though? Are NFTs dead? Or just in a slump?

something similar happened a while ago with ICOs, they are mostly fads, although they will surely find a use to NFTs, it is not that they are dying, it is that the bubble burst, the prices were exaggerated, perhaps that nft image that Logan Paul bought for 600k, maybe its fair price is about $10 that it is trading now.

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[Nomad]

I never believed that you are going to benefit by investing in NFT. The value of NFT is based on what the buyers are willing to pay for. It does not have any value other than that. That's the reason why I never invested in NFT. However, just like everyone is fishing in the muddy water, I have also tried selling my own NFT but without any luck.

 

[Heatman]

Personally for me, I've never really cared about investing in NFTs because I've not consider it as something that is worth putting my money into and if so many people are reasoning in the same way that I'm doing, it is most likely going to affect the survival of NFTs.

 

[sofiko]

I even tried to create my own nft, but I started too late when the trend had already faded, and now in 2023, in my opinion, it makes no sense to trade or create nft

 

[Grant]

I never believed that you are going to benefit by investing in NFT. The value of NFT is based on what the buyers are willing to pay for. It does not have any value other than that. That's the reason why I never invested in NFT. However, just like everyone is fishing in the muddy water, I have also tried selling my own NFT but without any luck.

Hmm, I never considered NFTs in that light, so now it makes even more sense as to why they have failed since starting. It's because you need to be popular enough to keep an NFT up high. That's what I'm getting out of this at least.

 

[Nomad]

Hmm, I never considered NFTs in that light, so now it makes even more sense as to why they have failed since starting. It's because you need to be popular enough to keep an NFT up high. That's what I'm getting out of this at least.

Johnny Depp created NFTs and they sold like hotcakes. Will Nomad or Grant be able to sell NFTs even when they have minted really good art as an NTF? You know the answer. NFT value is based on what created it. Someone who is already popular in the NFT market might also find it easier to sell.

 

[Heatman]

I even tried to create my own nft, but I started too late when the trend had already faded, and now in 2023, in my opinion, it makes no sense to trade or create nft

This is particularly the reason why a lot of people saw NFTs as a scam because there is no more profit in it for those who are trying to start out in it today as it is when it was a very big trend.

I have never bothered about it or trying to invest my money in it because I was never convinced from day one.

 

[Ja Sa Bong]

I've never invested in NFTs. They are the only scams cryptocurrency have projected. I caught the whole idea on time when it came out and I wasn't deceived. There are many gullible one's who took the bait and now they are left with wasted investment. There was a time when promotion for NFTs was all over social media. I can remember when I saw any post about NFTs online now.

 

[Skysaint]

I thought that people just create and sell NFTs. I really don't have the idea that people do invest in them like we do with the cryptocurrency coins. Well, I have seen many people create and sell them and it's just too profitable but risky as well.

 

[Dice]

Yes, investing in NFTs may not be worth it at the moment. The market has seen significant volatility, and while NFTs gained immense popularity, there are concerns about sustainability and a potential bubble. Prices can be unpredictable, and the hype around certain NFTs might not guarantee long-term value. It's essential to approach NFT investments with caution, thoroughly research the projects, and consider the current market trends before deciding to invest and definitely after I saw Logan Paul scamming people its definitely dying.

 

[deucher]

It's true and I'm sad because it's a very cool industry. Although in recent months I see how some projects try to give priority to some users who own NFT, but this does not affect this fair at all