What Went Wrong With the NFT Market Collapse

 

A pulse check is needed on non-fungible tokens, as the total number of NFT sold and the total volume of NFT sold fell in October, setting monthly lows for 2022, according to Decrypt.

What are the benefits that NFTs with real utility can bring to Web3 and what is preventing new consumers from entering the market?

Jordan Yallen, CEO of MetaTope weighs in with his analysis.

 

Jordan’s Thoughts:

“The NFT market collapse can only be partially attributed to the overall crypto bear market or lack of knowledge and understanding of web3. The real problem preventing new consumers from entering the market is the industry’s failure to innovate beyond using an NFT as a profile picture on social media.

That is why consumer-friendly experiences using interoperable NFTs are essential by allowing users to own and personalize their virtual identities and transport them across multiple platforms, including social media, video games, meta versus augmented reality, and virtual. NFTs will become more practical and a key tool for future B2B marketing.”

 

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