clock 13 October, 2023

Where is the NFT market headed?

Where is the NFT market headed? 

The trade volume on the platform has dropped 90% from the January 2022 peak of $4.85 billion. The floor prices are the minimum bid the owner will accept for the NFT. No one bids or buys so NFT owners can lower the floor price. Even popular collectables. What's happening?

We need to see the whole picture.

The NFT market has risen ~700% through May 2022 since it sold its most costly NFT at $68.3 million. After such enormous growth, the NFT market is in decline. Besides not adding new traders to this market area, the system also loses its insiders. However, the number of collections is increasing. How can they sell out? 

There are more than 30,000 collectables on the Eth and Solana blockchain. Some of them are popular. Many of these collections' owners have more than one project. And they are still making new ones make money. So, "The Art" is turning into a marketplace. Few new collections are released weekly, are instantly popular, and are quickly sold out. It looks like that: Most new collections create fake hype using thousands of promotion accounts and famous people for Giveaways or something else. Later, the mint price of many of the significant NFT collections that have recently surfaced harms people 50% more than the floor price. Many people who lose this money lose their trust in NFT and other collections. Especially half of the marketplace is about apes. 

How can we solve this problem?

The answer is simple, be creative as much as you can.

On the other hand, NFT has ample opportunity and helps brilliant ideas to start. The solution will come with new traders for an original collection. 

As the Despikeez team, we are taking some steps towards this solution.

If we were to sum them up briefly, these are:

1. Building our brand in real and virtual life

2. Different fields such as Textile, 3D modeling, and Gastronomy.

3. Despikeez" Animation. (first collection ever)

4. Increase the number of new traders.

These are our vision and mission. It looks crazy, maybe, but we will not be alone. Our community will be with us on this journey. So, Despikeez is not only a jpeg you are going to buy. It's vision.