Will NFT, which is no longer sought after by people, fall into disrepair or is it just trying to survive?

Source: Blockchain Knight

It has to be said that since the Azuki incident, NFT has never made industry headlines. Some of them are all kinds of ridicule about the market being cold, and the occasional gossip about “boring apes”. Therefore, when it comes to the NFT market, After space is compressed again and again, will people still expect the next “Boring Ape”**?

I think that the NFT craze seems to be still yesterday, but in fact, it has been several months, and the mention of digital collections in China has also dropped to a freezing point, as if the turbulent waves suddenly retreated, but I saw that there are still some announcements on digital collection platforms Finally, it seems to be telling us that the industry is still there and the story is still there.

When attention turned overseas, a more interesting piece of news attracted attention. On August 28, the U.S. Securities and Exchange Commission (SEC) accused Impact Theory, a media and entertainment company headquartered in Los Angeles, of conducting unregistered Crypto asset securities in the form of so-called NFTs. issued.

Impact Theory raised approximately $30 million from hundreds of investors through the offering, which marked the SEC’s first enforcement action against an NFT project. The SEC said the NFTs offered and sold by the company to investors were investment contracts and therefore securities.

As if suddenly awakened from a dream, the SEC began to sweep up NFTs. When the upsurge surged in the past two years, it was like a spectator who stayed out of the matter. Now it is taking advantage of the industry’s decline to “enforce the law impartially”, which is quite demeanor. .

But on the other hand, has the NFT market really reached the point where everyone is shouting to beat the rat on the street?

The picture above shows Google’s global heat trend chart of NFT in the past 12 months. It is obviously downhill, but it seems that there are still waves, rather than a general downward dive.

At the same time, we have seen another group of companies begin to pour into the NFT field. In the past year, Coca-Cola, McDonald’s, and Starbucks have successively launched their own NFT products. Even this year’s popular hole shoes Crocs have also entered into cooperation with the well-known NFT brand Doodles. Web3.

Therefore, on the one hand, there is a decline in attention, and on the other hand, traditional companies have entered the NFT field one after another**. After all, this may be the most convenient way for them to enter Web3.

From this perspective, NFT can be regarded as a real business form that has entered the traditional brand, rather than the crazy hype of the previous year or two. As for the saying that “NFT is cold”, it may come from the following picture:

The latest data from The Block shows that the transaction volume of NFT in the past week has reached the verge of 70 million U.S. dollars, a drop of 99% compared to the peak of 17 billion U.S. dollars in January 2022. Therefore, although mainstream brands have increased their investment in NFT, the overall transaction volume of the NFT market has indeed dropped to a freezing point.

But the author still remains optimistic, because compared to CryptoKitties 6 years ago, there are still many things to like about NFT today, which at least allows more people to see the utility of NFT, not just hype. As for the NFTs of avatars, they have indeed been hit hard, but the development of NFTs will not stop. Perhaps when the hype of avatars passes, the real value will be realized.

At present, there is no need to use Gartner’s new technology growth curve to describe the development of NFT. Looking forward to the future, NFT will at least fall into the full-chain game, will be more effectively combined with RWA (or DeFi), and will bring Web3 social Let’s have more fun. From these three general directions, the current NFT development is more like a “retracement” rather than a halberd into sand. Of course, when it comes to certain NFT brands, it may really be " I can’t help A Dou.”