Are NFTs Really Going To Zero?

Flee the sinking ship or hang on for dear life — it’s a tough choice either way

The signs of a market downturn in the NFT space are evident. The popular collection Bored Ape Yacht Club (BAYC) is currently trading at 35ETH, representing a significant decline of 70–80% compared to its value a year ago. Similarly, other collections like CloneX, Doodles, and Moonbirds are trading below 2ETH, experiencing a staggering drop of over 90% from their all-time highs.

While skeptics of NFTs are rejoicing and taking a victory lap, many buyers who enthusiastically embraced the trend and narrative of the past year are now seeking consensus and insights from crypto twitter (CT), which only presents them with even more negative reactions and sentiments.

During such times, it is crucial to be cautious of the psychological phenomenon known as confirmation bias. This bias can lead individuals to actively seek out and favor information that aligns with their preexisting beliefs and desires, potentially distorting their understanding of the situation at hand.

Just like the early days of cryptocurrency, many buyers in the NFT space may not have a complete understanding of what they were getting involved in. The nature of cryptocurrencies is ambiguous — is it a security, a commodity, a speculative gamble, or an investment in the future of currency? The answer lies in the grey area, as it could potentially encompass elements of all these categories.

Similarly, a good number of people entered the NFT market with the hopes of achieving substantial financial gains, which have now dissipated. However, they also sought to be part of a vibrant community, to own cutting-edge artwork, and to gain early access to the evolving world of the Metaverse. So, what exactly is the motivation behind their participation?

The distinction between being a holder, an investor, or a community member becomes blurred in this context. When participants are uncertain about their intentions and when their NFT assets fail to perform, they inadvertently experience cognitive dissonance and seek clarity.

Related posts:

Hundreds of live betting odds, casino, slots, fishing and table games. Sign up now for more bonuses rebates & rewards. (GMT+00:00) 00:00:00-Login Sign Up Sports. Casino Slot Table Lottery Promotions…

With a blog you can build trust that you can provide all those things without ever meeting your client. Think? If a potential prospect is willing to to read your blog regularly they like what you…

Utilizing Greenprint’s shared-information benchmark drawn from these basic information (and oversaw in the cloud on ULI Greenprint’s Measurabl stage), proprietors can recognize which structures in…