NFT as a digital art form gained immense popularity in 2021. Many artists, celebrities and brands began to release and sell their collections, and the degree of media attention to this phenomenon could not be overestimated.
By the beginning of this year, it became clear that the digital art market was overheated, which had not been noticeable before due to the all-round hype of the NFT. And it worked both ways — because some thought that growth would continue indefinitely, while others began to associate NFT exclusively with the bloated digital art market.
Due to the fact that many people associate the NFT market exclusively with tokenized images, they call the entire industry a scam. However, non-fungible tokens are not only art, but also GameFi, digitized rights, real asset marking, and much more.
Despite the fact that the assets of even the most popular NFT collections, such as Bored Ape Yacht Club and CryptoPunks, have fallen in price by 15–25%, it is too early for crypto skeptics to gloat because, according to Chainanalysis, the total NFT sales at the beginning of May this year were $37 billion, up from $40 billion for all of 2021.
Yes, the market is overheated, and there is a lot of turbulence due to the collapse of the UST + the unstable geopolitical situation in the world, which affects the economy. But this also shows how persistent the NFT market has turned out to be. A similar situation was observed in 2018, when the hype of cryptocurrencies subsided, and everyone predicted their imminent disappearance. However, we see what is happening now.
In 2022, NFTs have actively moved beyond digital images and the world has yet to appreciate their enormous potential.
