SHOW ALL

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

Where does the industry go from here with dropping NFT trading volumes?

Where_does_the_industry_go_from_here_with_dropping_NFT_trading_volumes

View of the collection on April 7, 2022, the opening of eToro’s first NFT fund at the Bass Museum of Art in Miami, Florida, which committed $20 million to buy NFTs from both established and rising creators. The company introduced itself by displaying its initial collection, which featured artworks and NFTs from a variety of artists, such as World of Women, Beeple, and Bored Ape Yacht Club. During the inaugural event, visitors could see NFTs in a carefully organized setting. You can view the NFT collection on eToro.art. (Photo by Getty Images/Aaron Davidson for eToro.Art)

Getty images are used for eToro.Art

Overall, the NFT and crypto markets have had a strong start to 2022, however, the market, like many others, is not performing as well as it did at the start of the year due to dramatic selloffs and industry-altering regulations.

Since the beginning of the year, the trading volume of non-fungible tokens (NFTs), as reported by Bloomberg using data from Dune Analytics, has plummeted by 97%. January’s volume was $17 billion, while September’s volume was $466 million, according to the report. As data sources, popular websites such as OpenSea, Rarible, NFTX, LarvaLabs, Foundation, and SuperRare were utilized.

As was previously said, Web3, the future version of the World Wide Web based on decentralization, blockchain technology, and tokenized infrastructure, is impacted by growing inflation in addition to NFTs and the entire cryptocurrency business. in addition to suffering dangers. a downward trend. However, given the sector’s exposure to scandals and new tax legislation, it has been uniquely harmed. What will the sector’s future course be, and how will it recover?

Adam Da Cata, former head of partnerships at Decenterland and founder and CEO of blockchain, metaverse, and NFT development firm Run It Wild, is widely recognized as a go-to resource for organizations seeking to move to the Web3 market effectively.

About the existing environment, he commented, “I still believe it has only scratched the surface of its potential.”

The market downturn affects all industries, but Web3 is unique since it is still establishing itself in our culture. Consequently, it is experiencing market instability and inflationary difficulties.

“From my perspective, there has never been a better opportunity to invest, given how rapidly the industry is booming and the availability of possibilities.

According to data provided by licensed trademark attorney Mike Kondoudis, the total number of trademark applications for NFTs and their related products in the United States is expected to increase from 2,142 in 2021 to 6,856 in October 2022.

Before this, he held a senior position at Warner Bros., where he oversaw popular media franchises and brands such as Batman ($29.9 billion) and Harry Potter ($33 billion).

He added, “Media and entertainment offer the greatest opportunities, from sports to massively popular businesses.” The future of the entertainment industry is intertwined with NFTs and the Web3 ecosystem as a whole. NFTs provide these businesses with new avenues for communicating with their clients and new revenue sources.

Recent Netflix NFLX big hit The Gray Man, starring Ryan Gosling and Chris Evans, participated in NFTs via the internet marketing business Media. Monks. The company facilitated the creation of a 3D maze that viewers must navigate to answer questions about the film. If they correctly answer all of the questions, they will be entered into a drawing to win a non-fungible token (NFT).

The objective of the mission is as follows: “Enter the maze, locate the quickest route to the fountain, retrieve the USB containing confidential information, and reach the secret room as quickly as possible.”

About MahKa

MahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

SHARE:
Latest NFT News, Trendings and Tutorials, right in your inbox, every Monday

IMPORTANT DISCLAIMER: All content provided here in our website, hyperlinked sites, social media accounts and other platforms are for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them.

Recommended Posts