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submitted 1 year ago by fer0n@lemm.ee to c/technology@beehaw.org

TL;DR: The NFT market has drastically declined since its peak in 2021, with most NFT collections having no value. There's an oversupply of NFTs, leading to a buyer's market, and environmental concerns due to energy consumption. Top NFTs also struggle to maintain value, and the future of NFTs depends on utility and genuine value rather than speculation.

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[-] fer0n@lemm.ee 11 points 1 year ago

Haha one would hope so. I’m not buying any of their "this is the future of NFTs" aspects either. I feel like the only thing that could work are things like in game cosmetics, but that’s controlled by one company and in an controlled environment so why would you need to have an NFT for that.

[-] GunnarRunnar@beehaw.org 4 points 1 year ago

Tying NFT token to a physical object like a painting and keeping a database of who owns what seems potentially interesting. But why would you need it to be NFT based either, I don't know.

this post was submitted on 24 Sep 2023
91 points (100.0% liked)

Technology

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