The NFT Bubble Has Popped. Should Businesses Care?
The NFT market experienced a significant downturn after its peak in early 2021, with sales dropping nearly 90%. Despite this, experts believe NFTs will find new applications beyond collectibles, especially in secondary markets like gaming and intellectual property. Businesses must adapt their strategies as the digital and physical worlds continue to converge, potentially offering new value propositions for NFTs.
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Key takeaways
Crypto-collectible NFT sales dropped nearly 90% after peaking at $100 million in one day.
The applications of NFTs are expanding beyond collectibles into areas such as gaming, fantasy sports, and IP licensing.
Adaptation is crucial for businesses heavily invested in NFTs as the market evolves.
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What is the future of NFTs? After a major boom over the first half of 2021, new research shows that the bubble has popped. At its height, crypto-collectible sales peaked at $100 million in a single day but have since dropped nearly 90%.
To discuss the ups and downs of NFT markets, Larry Pang, Head of Business Development for IoTeX joined Daniel Litwin for insights into the future of crypto-collectibles and the internet of things.
“I think the drop in NFT prices is temporary,” Pang said. But he believes that the uses and applications of NFTs will continue to evolve. “What we’re seeing a lot in the business today is not just thinking about NFTs as an asset that’s simply tradable and ownable, but there’s a lot of people innovating on both how NFTs are created as well as how NFTs are attached to secondary markets.”
These markets may include gaming, fantasy sports, and intellectual property licensing. Because of these innovations, Pang remains bullish on future applications and investment in NFTs as they move beyond the collectibles market.
Will the merging of the digital and physical worlds make NFTs a valuable proposition going forward? How should businesses that invested heavily in NFTs adapt to the changing market? How will the Internet of Trusted Things use NFTs to build connections between creators and their audience? Litwin and Pang delve into the insights investors & industry professionals need in this rapidly evolving market.
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About the author
Daniel Litwin is a journalist of multiple disciplines focused on finding and telling engaging stories for B2B communities. He has interviewed executives from Fortune 500 companies including Honeywell, Microsoft, John Deere, and Chipotle, and leads editorial direction at MarketScale. Litwin hosts weekly shows and podcasts while helping develop new content approaches across the MarketScale platform. He holds a B.J. in Radio/Television Reporting/Anchoring and a B.A. in Spanish from the University of Missouri-Columbia.
