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Home / Brand Stories / How Crypto Winter And NFT Market Is Redefining Itself
Read this news in brief form. Click here X


HOW CRYPTO WINTER AND NFT MARKET IS REDEFINING ITSELF

brand stories
Published on Oct 19, 2022 07:34 PM IST


THE LATEST REPORT FROM DAPPRADAR SHOWS THAT TRADE ACTIVITY ON THE WORLD'S
BIGGEST NFT MARKETPLACE OPENSEA PLUMMETED BY MORE THAN 90% IN FOUR MONTHS
BETWEEN MAY AND AUGUST 2022

High inflation and rising interest rates reduces disposable income for may
including the NFT enthusiasts and crypto investors.
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ByHT Brand Studio

In 2021, NFT sales volumes were estimated to be over $24.9 billion. According to
the DappRadar analytics tool, this is a significant increase from around $94.9
million in 2020. Notably, the number of wallets trading in NFTs increased
significantly in 2021, rising from around 545,000 in 2020 to approximately 28.6
million in 2021. Having said that, the world of non-fungible tokens (NFTs) has
plummeted this year after the early excitement that accompanied their
popularity. Many NFTs saw their values nosedive, forcing some to question their
long-term value and sustainability. The latest report from DappRadar shows that
trade activity on the world's biggest NFT marketplace OpenSea plummeted by more
than 90% in four months between May and August 2022. The reduced activity is
attributed to two main factors, one being the wider economic conditions and the
second being the long term value of NFTs that are currently focused only on PFPs
(profile pictures) and art.



There are quite a few variables on the economic front, the most significant of
which was the recent sell-off in digital assets and start of the ‘Crypto Winter’
after the significant rise in inflation in western countries to 8% and more
following geo-political tensions with the Ukraine-Russia war, the subsequent
rise in interest rates not seen in over 10 years. United States Federal Reserve
chair Jerome Powell warned last month that there would be “pain” ahead as the US
central bank struggles to contain a surge in inflation unseen in 40 years. And
the same sentiment is echoed by other central banks globally alongside the risk
of recessions in many countries. High inflation and rising interest rates
reduces disposable income for may including the NFT enthusiasts and crypto
investors.




Some factors from within the NFT market itself include base, or floor prices,
for most new NFT collections hope of upward price action not materialising, and
the lack of new users being onboarded into the space. More importantly, the PFP
NFTs do not provide any further value, or utility for their owners other than
the ability to admire the art. But this is far from the end for the NFT space,
as new innovations, concepts and adoptions are currently coming about in the
space. NFTs are being incorporated into games, founders are focusing more on
utility of NFTs and moving the space away from price speculation. A market
report published by Verified Market Research (VMR) provides a lofty prediction
for the future of the non fungible token (NFT) market, projecting its value to
swell to $231 billion by 2030. According to Roshan George, founder of Xiroverse,
“The NFT market and, by extension, the Web3 and the Metaverse space is about
digital ownership, the next iteration to the internet, and how users will
interact with the digital world in the future. And the key to it is, Utility.”



People are looking beyond PFP NFTs and wanting more value for money now that the
Crypto Winter has fully arrived. In contrast to traditional PFP NFTs, Utility
NFTs put a greater focus on real-world value and applications they give NFT
holders rather than how collectable they are. Without a doubt, the NFT-gaming
business has become a thriving space for the blockchain industry with more than
50% of all blockchain activity being attributed to gaming. Mark Cuban,
billionaire investor and collector in crypto and NFT said about the crypto
winter, “it lasts until there’s a catalyst and that catalyst is going to be an
application, or we get so low people go ‘[might as well] I'll buy some.’”.
Utility NFTs have applications that go beyond basic, pixelated graphics and
focus more on value and real-world applications. One of the better instances of
an NFT collection with a utility token is the Bored Ape Yacht Club. The utility
token grants access to an elite yacht club.



Start-ups like the London based Xiroverse are focused on moving the NFT space
away from PFP and price speculation and focusing more on real-world applications
of NFTs, by incorporating the technology into smartphones through Xiro App. They
look to deliver more value to gamers and carve out a niche within the $2
trillion gaming market. By working with multiple gaming studios to onboard
hundreds of thousands of games into the Web3 and NFT space, they are focused on
utility NFTs and to onboard millions into the space, inspire other founders and
possibly trigger the next bull market. Roshan George further added, “it is not
just our capability to create ground breaking technology in the Web3 space that
matters, but the ability to share the technology to onboard many more businesses
as well. We work with multiple gaming studios to share our technology, provide
them with a launchpad and bridge their games onto Web3 and the Metaverse.”



NFTs are the backbone of this ecosystem and the Metaverse, in general, it should
come as no surprise that utility NFTs are used to simplify monetary transactions
and general game-play in the gaming sector. Utility applications in the future,
will also aid in ensuring safe access to exclusive social spaces and
communities. Access NFTs, which are NFT utility tokens, might provide real-time
content and access to their communities in both the virtual, and actual worlds.
As an example, Xiroverse, a startup aspiring to be the Amazon of Web3 games, has
announced the launch of their genesis collection of 10,000 utility first NFTs on
the Ethereum blockchain, which provides holders the highest degree of Xiroverse
membership. They claim to prioritise utility over NFTs. “Xiroverse is
business-focused, which means we are well on our way to building a viable
company with decade-long ambitions, and Xiro Card NFT Holders will be our
earliest patrons. A strong business ensures greater rewards for our holders and
community. After all, we need Web3 natives and early adopters to help onboard
the next billion users and our objective is to put utility first," added Roshan
George.



Disclaimer: This article is a paid publication and does not have journalistic/
editorial involvement of Hindustan Times. Hindustan Times does not endorse/
subscribe to the contents of the article/advertisement and/or views expressed
herein.

The reader is further advised that Crypto products and NFTs are unregulated and
can be highly risky. There may be no regulatory recourse for any loss from such
transactions.

Hindustan Times shall not in any manner, be responsible and/or liable in any
manner whatsoever for all that is stated in the article and/or also with regard
to the views, opinions, announcements, declarations, affirmations etc.,
stated/featured in same. The decision to read hereinafter is purely a matter of
choice and shall be construed as an express undertaking/guarantee in favour of
Hindustan Times of being absolved from any/ all potential legal action, or
enforceable claims. The content may be for information and awareness purposes
and does not constitute a financial advice.



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