![]() ![]() Overall, this is a positive indicator that NFTs may be here to stay. ![]() With major brands still successfully releasing NFTs and doing so profitably even during the current crypto winter, it appears that NFTs do provide fundamental value for both the companies issuing the tokens and the collectors and traders scooping up the offerings and transacting on the secondary market. Let’s take a look at some of the more recognizable brands and how their NFT offerings have performed. Despite the market downturn, many companies are still having resounding success with their forays into the NFT space. It has been said that brands without an NFT strategy are analogous to brands without a web strategy during the rise of the internet. With the rise in popularity of NFTs, we’ve probably all heard about NFT projects like Bored Ape Yacht Club or Crypto Punks, but another surprising facet of the NFT phenomenon is major brands adopting NFTs to market their real world products. Which Companies Have Led The Way For NFT Adoption? This has many participants in the crypto sphere asking if NFTs have any value at all. NFTs as a whole have been hit especially hard, with many plummeting from their bull market valuations.įor crypto veterans this volatility has become expected, but for newcomers, like the companies implementing NFTs into their branding and marketing, this has caught many completely off guard. Many companies and brands jumped in head first this time instead of opting to cautiously observe from the sidelines, and enthusiastically adopted NFTs across a wide range of industries, from gaming, entertainment, food franchises, to fashion, and even toilet paper.Īs the market sentiment flipped at the end of 2021 and became bearish, like in previous cycles, many tokens declined in value with some losing up to 90%. With the last market cycle, crypto adoption has increased spectacularly, and public perception has shifted dramatically. NFTs in particular have been in a unique position, compared to prior tokens trending during past bull runs, as during the first two market cycles, the crypto industry was still very new, and was considered to be too speculative and risky for mainstream adoption. Some of the new token types of the past have gained serious traction and fully established themselves as a permanent part of the ecosystem, like in the instance of DEXs, DAOs, and especially, Stablecoins. Past examples include Stablecoins, Security tokens, DEX (Decentralised Exchange) tokens, DAO (Decentralised Autonomous Organisation) tokens, and more recently, NFTs (Non Fungible Tokens). ![]() In the past 13 years, Bitcoin has had 3 halvings, and with every market cycle, we have seen the creation of new and innovative token types, which trend throughout the cycle. With the predominance of Bitcoin as the world’s first cryptocurrency and the main quote cryptocurrency used on most exchanges for crypto trading pairs, we see a high degree of correlation with past crypto bull and bear markets and Bitcoin’s 4 year halving cycle. Now that the market has cooled significantly, and many tokens have crashed in price, many are wondering if NFTs have any staying power, or if they’re just another passing fad.ĭoes The NFT Value Proposition Check Out? In the 2020-21 crypto bull market we witnessed the meteoric rise and adoption of NTFs.
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