ICYMI: NFTs are WORTHLESS Now

NFTs, non-fungible tokens, really catapulted the Metaverse in 2021 to being in everybody's ears and what happened was is you had Decentraland, which is a place on the Metaverse where you could buy actual land, not actual land, but Metaverse land and some of it sold for $900,000 a piece, US dollars. Then the NFT market totally crashed. So you had in the first few days of the NFT, the first 500 days as an artist by people that sold for almost $70 million. That kind of started in March 2021, the NFT craze and everything just took off. It went pretty crazy after that where NFTs, the average NFT price was at $3,000 per unit. I mean, this to me compares to modern art, not a super fan of it, where people are just willing to pay whatever astronomical price that comes along. So you had NFTs, the most selling, were selling for almost $200,000 a piece. So in January 2022, it was $17 billion worth of NFTs that changed hands. That same amount had fallen to $400 million by November of 2022. And we have not seen a rebound in the NFT market at all. Along with the crypto market going down, but the crypto still holding strong, your Bitcoin fluctuating between $18,000 and $30,000. But the NFT market is basically wiped out $9 billion in circulation. So the real question is, will it come back? And the truth is, is the metaverse has kind of felt the effects of it. If you're not familiar with the metaverse, that's where Google is, or not Google, where Facebook is really pushing people to experience things on the web. So the metaverse is the Oculus and virtual reality and things like that. And so a lot of their communities were funding the development through NFTs, selling land in places like I mentioned, to central land, and allowing it to really be catapulted by that. Now, with the death of the NFT, you kind of have metaverse at a complete stall. They haven't made money, they're losing money, they're trying to redevelop, they're coming out with the Oculus 3, they have the Oculus Pro, Apple's coming out with their vision. And so there's certain things that could help it come together. But I think augmented reality is really what society is going to push forward. And as soon as we have a headset that's more like a pair of glasses, like Google Glass, you can see a lot more integration initially until society is so miserable to be in that people just want to live in the metaverse, which part of me thinks that that's the plan, is to make society that miserable. I hope it never gets that way. I hope that everything looks okay. But with a company like meta dumping billions of dollars into it, and then using NFTs to sell parcels inside the central land, we'll find out if it's really worth what's being said and how it's working. But ultimately, I don't see virtual reality taking a very strong hold into the marketplace until it becomes a lot less cumbersome for the actual hardware.