What Happened to the NFT Rocks?
NFT rock or Ether Rocks was one of the first or early Ethereum-based NFT projects that were developed and they are only a limited 100 of them in the marketplace. Last year and Ether Rock was sold at the price of $1.8million, now imagine just a JPEG of a rock selling for $1.8 million, isn’t that mind-blowing? However, not all were sold for 7 figures, there were some that were also sold for 6 figures last year, and the cheapest was sold at 95 ETH ($305,000).
Well, those prices were expected because last year NFTs were making the headlines and a lot were selling for 7 figures especially the BAYC NFTs and many were making fortunes from them. However, it seems time has changed and the hype is down now, for some months the crypto industry hasn’t been stable due to the frequent bear market and it seems it wasn’t the coins and token that was affected by it but also the NFTs.
According to some reports, big NFT marketplace like OpenSea has been experiencing low trading volume for some months now compared to last year and the BAYC which is considered the holy grail of NFTs is also down by 60%. The crypto winter seems to be freezing everything on its path and it’s no doubt that the drop in NFT price is deeply affecting the holders just as Bitcoin's drop in price is affecting every investor in the crypto market.
In early July Ether Rock was selling at the price of $330,000 which should be equivalent to 198/199 ETH, however, the latest Ether Rock was sold at the price of 101 ETH. Shocking right? Well, that’s what crypto winter can cause but that doesn’t mean that NFTs won't gain their original value again as for the Ether Rocks it’s going to be difficult to see them sell at 7 figures again even after the crypto winter, personally that’s what I feel.
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I guess a lot of people thought the NFT space was a place to dump their digital arts and just make money out of the blue. They seem to have forgotten that everything that has to do with money revolves around value. And no one would want to buy anything that has no value. So when they found out NFT wasn't one of those get rich quick schemes, the crowd moved away from it. My opinion though.
Yep. There is only one way for NFT art to have value, sentiment.
Whoch is why talks of bull and bear markets in the environment is incorrect.
Sure, stock markets work on sentiment, but at the base are companies which do stuff. So long as a company continues to make or sell or do in a profit making manner market fluctuations will do little to it.
But the rights to a pic of a rock, ape, penguin, etc, those are only driven by sentiment and what folls will pay.
It's more like a game of hot potato. If you're the person holding it when the halt comes, you're going to get burnt.
https://twitter.com/Sweetboydave2/status/1563998481206894592
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