The tech space is always abuzz with news of the changing crypto market as it continues to flex and adjust – with Bitcoin surpassing the $60,000 mark twice already this year and news that big names like Tesla would be accepting crypto as a form of payment for their cars showing just how far the market has come in a shorter period of time. It has even become essential in many different online services from gaming with the likes of casino and betting sites available not on Gamstop at thebestcasinos.co.uk, right through to some newer opportunities too with the rise of the newest entry to the Ethereum blockchain of NFTs. Whilst there had been some immediate success with some huge sales, the market has since fallen off a little. But what had been the reason for the growth and the subsequent fall of the market, and how has the tech space as a whole reacted to the change?
(Image from pcmag.com)
The success largely came as a reaction to something new in the Ethereum blockchain, as with anything crypto newer entries typically garner a lot of attention and many will jump on board to ride the wave given the potential for a huge payoff, and there’s certainly those who found the early successes from NFT with huge sales early on – the most well known are certainly the likes of the Beeple piece that sold for $69 million, and the hope of many more independent artists who were hoping the cost of minting a new NFT was outweighed with the sale of a new piece. This had been the same reason why many have stuck around even during the drop in hopes to see things rise once again.
And then, inevitably, the fall – many experts have suggested that part of the reason the NFT bubble burst so quickly had largely been with uncertainty around ownership issues and copyrighting issues – particularly with digital goods it’ll always be difficult to avoid the certainty that something can simply be copied or duplicated, given the price reflects something unique in the space, any questions that are risen around any sale in question continues to be an area of uncertainty. Whilst the market will certainly see some recovery over time as it becomes a little more established and regulation is put into place, there will also certainly be future questions around whether or not there’s longevity in a blockchain for the digital art space.
There is of course other news in tech to be considered for the NFT market too, with announcements from Nvidia and their own hopes to have an impact on the Ethereum crypto market as a whole, there could also be future changes here too, but given this is still an area of uncertainty there’s a lot to be explored here yet.