The fall of NFTs causes uncertainty

The NFTs in the year 2021 became the promise of digital investment, but now it has become a total uncertainty

The fall of NFTs causes uncertainty

The NFTs in the year 2021 became the promise of digital investment, but now it has become a total uncertainty since it seems that they are not on the right track.

Last year, gurus enthusiastically claimed that any digital content could be turned into NFTs, as happened with the first post on the social network Twitter, which was bought as a digital asset for around $3 million.

Everything has happened very quickly, in 2021 digital transactions reached more than 40 billion dollars.

Why is this type of asset no longer profitable?

An investigation warned of the contraction of this market in the first four months of 2022, where a blockchain company indicates that the number of users involved in NFT operations has reduced by almost 50%.

In addition, an investigation also carried out by The Wall Street Journal revealed a very disproportionate alteration that exists in the prices of these assets.

A clear example of this is the price of the first tweet mentioned above, because, despite the high number of purchases in 2021, for this year it was also put up for sale and only received one or another purchase offer, which does not exceed 900 dollars, that is, this figure does not even reach 0.04% of the initial amount.

However, there is another factor that also impacts the distrust that NFTs now generate, and this has to do with hacks and scams. This is because several artists have claimed that their works have been digitized and converted to NFT without their prior consent. The reason why a guide has been created where copyright is activated and asserted.

The scenario that houses 2 paradoxes

When we talk about NFT, the first reference we can think of is OpenSea, which is known as the Amazon of digital assets.

This would not be surprising if there were other actors that also competed on equal terms, but it is a new scenario with few referents, which has caused a significant centralization of operations with a very small number of competitors, becoming somewhat paradoxical.

Another problem is the growing climate of mistrust generated among users since many voices through social networks ask for more surveillance and control regarding a scenario or platform that boasts of its decentralized nature.

So two situations are opposed, one is the White House taking action to promote legislation, while China imposes controls on the virtual economy.



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Urdu Soft Books: Well-researched and Best Quality Trending Articles | Famous Urdu Books and Novels: The fall of NFTs causes uncertainty
The fall of NFTs causes uncertainty
The NFTs in the year 2021 became the promise of digital investment, but now it has become a total uncertainty
Urdu Soft Books: Well-researched and Best Quality Trending Articles | Famous Urdu Books and Novels
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